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Argo Group has been sued by investors, who claim the company has engaged in inadequate underwriting and misrepresentation of facts which resulted in a 60% drop in the specialty carrier’s common stock value this year. -
A study by the (re)insurer has found that pandemic-induced state court backlogs could take between 1.5 and three years, depending on how fast pending cases are cleared.
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Both lawsuits and counterclaims were dismissed with prejudice, barring the brokers from bringing the disputes to another US court.
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Ambac Financial Group has entered into an agreement to settle claims against Bank of America (BofA) for $1.84bn, putting an end to a 12-year lawsuit which dates back to the 2008 mortgage crash.
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Executives Peter Barbara and John Drew seek monetary relief of more than $1mn, filings show.
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The carriers appealing the settlement include AIG’s Lexington Insurance, Travelers, Allianz Global Risks, Liberty Mutual, GenStar, Munich Re, Argo and Old Republic.
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The brokers are working on finalizing the terms in a written settlement agreement, which could be filed within two weeks.
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The attorney joins Clifford from Sidley Austin's insurance and financial services group, where he worked for 15 years and was a partner prior to his move.
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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 222-page complaint describes fraud committed against various carriers, including Zurich, Tokio Marine and Everest in surety, D&O and homeowners’ insurance programs.
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The carrier argued it paid the executive the first installment of a $400,000 retention award in March 2020 and the second half in March 2021.
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K2 is requesting the court dismiss the case with prejudice, barring Argo from bringing the same allegations to another US court.
