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During the first quarter, Chubb paid $200mn and another $300mn last month, according to the company’s Q1 10-Q filed with the SEC. -
Inside P&C’s news team runs you through the key highlights of the week.
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The insurer made the payment on April 20, according to SEC filings reviewed by Inside P&C.
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The impact of recent tort reforms is already being felt in the Sunshine State, the CEO said.
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One question in the community is whether nuclear verdicts this year will spark a re-acceleration of rates, especially in the lead excess layers.
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The carrier cited a “huge” spread of possible outcomes from various lawsuits relating to aviation claims from the conflict.
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US District Judge Richard Andrews struck down the arguments by some insurers that the judgment inflated claims and contained factual errors.
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For years, Florida attorneys have utilized one-way attorney fees and assignment of benefits to bleed the insurance market of thousands of dollars.
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The companies did not disclose whether any money exchange hands as part of the agreement.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The lawsuit argues that one engine that was leased out in Ukraine and 16 engines that were leased out in Russia have suffered physical loss or damages.
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The payment followed a $200mn disbursement that Chubb made in Q3. The insurer expects to cover the remaining $500mn of the liability in 2023.
