Legal

Clear Blue originally filed the suit in late 2023, alleging reckless conduct and misrepresentation.

The state’s AG said the case threatens continued offshore oil and gas operations.

WTW claims at least two $1mn accounts were also unfairly lost to Howden.

Jonathan Rinderknecht was arrested Tuesday on destruction of property charges.

The executive said record operating income and returns don’t indicate Chubb is “beleaguered”.

The charges allege “egregious delays” and “unreasonable denials” in claims.

AIG’s filing alleges copyright and trademark breaches, as well as violations of unfair business practice laws.

Juries don’t significantly differentiate in cases involving severe injury.

California’s insurance regulator has Fair Plan depopulation, cat models on his mind.

A federal judge restricted former Marsh employees from soliciting for Howden.

The case is now headed to appellate court.

As data privacy litigation increases, insurers increasingly lean on exclusions.

The Berkshire subsidiary is seeking coverage for a $22mn antitrust loss.

The annual meeting took place in Pasadena, California, miles from the site of LA wildfires.

Ransomware claims have made up the majority of recent large losses.

The company saw a 53% decrease in cyber claims after a surge in 2024.

Litigation funders are promoting “aggressive” tactics in the UK, Holland and Israel.

The carrier notified California regulators that it would stop renewing plans starting last month.

Lawyers said uncertainty raises litigation risks, and signals from the federal government aren’t expected to help.

The bi-partisan legislation would make FEMA a cabinet-level agency.

The broker has filed a motion to dismiss the lawsuit by Marsh.

James River said the court was right to dismiss the fraud case.

The company said defendant "distraction" can’t make up for flimsy arguments.

The violations included not using properly appointed adjusters and failing to pay claims.

The lawsuit has been filed as sales talks with Sompo yielded a deal.

Hasnaa El Rhermoul will be SVP at Ethos Transactional, sources said.

The lawsuit is the third filed by MMA against Alliant in the past year.

Parrish, now CEO of Howden US, and his colleagues said they didn’t violate contracts.

The Delaware high court’s reasoning could find application in other cases.

A key hearing in the poaching case is set for September 4 in New York.

The state’s Supreme Court upheld two lower court decisions finding no liability.

The company said the judge overlooked key issues in dismissing its fraud case.

The company was hit with a data breach on July 16.

The lawsuit is the latest development in the multi-billion dollar reinsurance scandal.

The firm’s subsidiary in India paid $1.47mn in bribes to officials at state-owned banks and raised revenue of $9.2mn.

The plaintiffs seek a declaration that part of Marsh recruits’ restrictive covenants are unenforceable.

The suit asserts the raid will cause “incalculable harm” to the broker.

Roughly half a year since the LA fires, brokers said there’s hope things are turning around.

The lawsuit claims more than 100 employees left with Parrish and his three reports.

A growing divide in business courts could impact future D&O underwriting, sources said.

The insurers sent denial letters to the tech company as lawsuits and damages pile up well into the multi-millions.

The automaker’s insurance arm wrote over $300mn in premium last year.

The executive said the claims industry is going to “be transformed”.

Litigation seeks to block insurers from passing assessment costs to consumers.

Large accounts property remains competitive as pricing softens, Greenberg said.

It is slim pickings for quality mega deals and the brokerage has an in-built need for speed.

The insurer denies it is responsible for the actor’s legal fees.

Court documents show Travelers subsidiary Northfield Insurance is the insurer.

The alleged insurance fraud targeted anyone who could fund the settlements, argued the plaintiffs.

The judge ruled the deal relied too heavily on Bermuda law for US law to apply.

The class can collectively challenge State Farm’s property claims calculations.

The suit claims billions of dollars are being illegally withheld.

Top companies eliminated or heavily modified language related to DEI this year, analysis shows.

He has pleaded not guilty to the criminal charges, which carry potential life sentences.

The broker also alleges a coordinated effort undermine client confidence.

When it comes to sympathetic juries, high net worth individuals are under the same pressure as corporations.

At the year’s mid-point, there were 111 new SCAs filed in federal courts.

The investigation follows several civil racketeering cases filed by Tradesman based on similar facts.

Under the new law, vehicles will only be required to carry $100,000 in PIP per person.

Litigation costs continue to weigh on long-tail lines, but effects of tort reform are visible.

Early adopters of AI will see efficiencies – and likely increased market share, Kantar said.

The ruling comes as insurers face growing legal pressures following the January blazes.

The MGA and parent company Roosevelt Road Re have until July 21 to file a second amended complaint.

The rules would require paid rest breaks, among other measures.

It didn’t have a major impact on insurers’ finances – instead, it served as a wake-up call.

Jim Williamson said litigation funding had evolved into an investment class.

A deep-dive analysis shows LitFin is not the boogeyman this industry paints it out to be.

Major insurance industry groups and companies have recently pressed lawmakers to include the provision.

Marsh McLennan CEO Doyle dubbed legal system abuse a "tax” on US economy.

Lara approved an interim rate increase for the company just weeks ago.

The suit, filed in Florida federal court, is Uber’s second Rico case.

Chubb told insurers to look inward in the fight against LitFin, but insurers are also tied to that industry.

The documents figure in a potential criminal case against a CCB employee.

The regulator said further measures could still be passed in this session.

The panel aimed to highlight “synergies” between insurance and litigation finance.

Companies often purchase policies with limits far exceeding their actual exposure needs.

One measure could give regulators greater leeway to deny rate requests.

Florida’s top regulator says he’s eyeing eventual tweaks to the state’s cat fund, too.

Burford’s CEO said Chubb is inappropriately using its corporate power.

The settlement requires Dellwood’s Price to write an apology to Peter Zaffino.

The two parties seek to delay a judge’s summary judgment order.

Previous complaints alleged their involvement, but this is the first time a complaint has identified the alleged funders.

Litigation funding is a frequent bogeyman for the insurance industry. The feeling isn’t mutual.

This in turn gives carriers on a tower a little more liberty and less risk to optimize claim outcomes.

The reforms limit liability for some small businesses in the state.

The suit names former Marsh execs Hanrahan and Andrews as defendants.

The conference came at a particularly tumultuous time for the US insurance industry and the economy at large.

AIG, HDI Global and others have settled. Chubb’s fight continues.

The impact could also raise home-building costs by $10,000 per unit.

The Lone Star State has seen rapidly increasing rates in recent years.

A first-of-its-kind resolution adopted this week says subrogation can reduce insurance costs.

Marsh alleges Aon also went after its clients as well as its employees.

The law imposes limits on third-party litigation funding, among other changes.

The suit seeks to block insurers from passing through assessment costs.

The release followed the filing of an updated Plan of Operation.

The suit alleges a “deliberate scheme” to deny smoke damage claims.

The larger awards over the past two years could serve as an anchor for future verdicts.

The tariffs could expose insurers to the risk of recession and shrinking income.

This is shaping up to be a record year, building on momentum in 2024.

Universal submitted allegedly ineligible claims to the Florida fund.

The amount of change over the past year falls short versus the discourse.

Capital funding new litigation dropped 16% YoY, however.

The bill being considered would effectively eliminate personal injury protection.

The decision comes after the agency refused to block a climate related vote at Travelers.

Defendants claim that Tradesman lacks standing to bring the case.

The judge noted similarities in Dellwood’s business plan and AIG’s.

Both bills are now on Governor Kemp’s desk awaiting signatures.

The Georgia verdict is one of many legal battles over Monsanto’s herbicide.

What insurers can learn from the history that led to this deal.

The commissioner is eyeing transparency in billing, comparative fault and non-economic damages changes.

The regulatory changes have been championed by Governor Brian Kemp.

The lawsuit alleges that the attorneys' negligence caused HDI to pay 64 times its policy limit.

The Democratic senator said increased federal oversight of insurance is not the answer.

There are signs that Florida’s insurance industry is coming under increasing legislative scrutiny.

The industry needs to find a way to rebalance power dynamics.

The carrier has seen increased legal system abuse in US small commercial and excess and umbrella.

The insurer claims Jessica Balsam still holds Zurich confidential information.

Big tort reform packages are on the table, but California steals the show, for now.

The plaintiff claims he was fired after testifying to anti-gay harassment.

The proposed reforms are championed by Governor Brian Kemp.

Berkshire Hathaway’s "float" rose to $171bn in 2024 from $169bn in 2023 as Buffett praised Geico’s Todd Combs.

Commissioner Lara calls the 10 bills a ‘comprehensive legislative package.’

At the first Insurance Insider US Miami Forum, Floridian industry players pointed to signs of stability.

Subsidiaries of Chubb, AIG, Travelers and The Hartford were all named in the lawsuit.

The decision allows a $4bn settlement, threatened by insurer claims, to proceed.

The suit accuses CEO Brian Cornell and other Target executives.

The restructuring arrangement is designed to protect creditors.

Anti-DEI shareholder activist groups are targeting directors and officers with increasing threats of litigation.

James Keating received 20 months in prison and three years of supervised release.

The AIG subsidiary says it has no obligation to “defend or indemnify” McKinsey.

The complaint accuses a new law firm, Liakas Law, of involvement in a fraud scheme.

A Delaware judge ruled that a “bump-up” exclusion was inapplicable.

III also denies its CEO made anti-gay remarks or harassed a gay employee.

Federal court securities class actions hit a four-year high last year.

California’s crisis spurred the biggest reforms in decades.

A California ruling could set an important precedent as other courts consider similar cases.

A former executive claims he was terminated for reporting that III CEO Sean Kevelighan used homophobic slurs.

The suit seeks compensatory and punitive damages from 180 defendants.

The Federal Insurance Office has data collected from over 300 insurers.

The regulations are part of a state effort to expand wildfire coverage.

Ohio’s Supreme Court unanimously said the abatement fund isn’t covered by the paint maker’s insurance policies.

The defendants allegedly issued more than 40 unauthorized insurance policies.

Weiss Ratings has claimed that insurers are short on reserves and deny legitimate claims.

A jury found the retailer defamed a former driver with false claims of workers’ compensation fraud.

A separate US Chamber of Commerce report, meanwhile, put tort costs at $529bn for 2022.

Insurers and their allies hope to capitalize on increased attention to pass a slew of reforms.

The recently filed suit names several personal injury law firms.

Mr Cooper Group said it was the target of a 2023 hacking attack.

The lawsuit involves an alleged $100mn+ Ponzi scheme.

Sinclair had $50mn in coverage through five separate cyber policies.

The airline says the crash resulted in over $500mn in losses.

Fleming alleges fraud and misrepresentations on the part of James River.

Plaintiff Ionian has alleged a “fraudulent scheme” under the Rico laws.

The plaintiff claims he was terminated for testifying to anti-gay harassment.

The looming collapse of the city’s biggest livery insurer may not be cause for national concern.

Current efforts to battle third-party litigation funding are focused on disclosure.

A large number of new entrants and the growth of litigation finance challenge E&S enthusiasm.

Insurers are fighting to recoup claims they have paid out.

The former Lockton employee’s suit alleges sexual and gender harassment.

The lawsuit alleges the data is being used by insurers to increase premiums.

The insurer said Dellwood’s "spin" isn’t enough to dismiss the litigation.

The lawsuit names additional attorneys, doctors and medical practices.

Greg Lindberg owned four North Carolina-domiciled insurance companies.

White Rock claims CCB was responsible for the “lion’s share” of fraudulent letters of credit.

The lawsuit demands coverage from insurers following opioid and product liability-related settlements.

States are grappling with first responder claims litigation as some move to expand presumptions to more worker types.

A lawsuit filed last month by a former employee alleged sexual and gender harassment.

While the alleged fraud is shocking, could it suggest the industry is under-investing in claims?

The decision comes weeks before the rule was set to take effect in September.

The suit also charges the agents with unjust enrichment and contract breach.

The ruling only applies to a Florida retirement community.

Independent litigation threatened a $4bn settlement with wildfire victims.

Lawsuit claims GM unlawfully sold data to insurers collected from 1.5m drivers.

Researchers say if this pace continues, 2024 will see approximately 224 cases.

James River will also oppose a Fleming motion to uncover additional documents.

Insurers and victims must reach an agreement on how to handle the proceeds.

The unsafe products were sold on Amazon’s marketplace by third-party sellers.

Three states passed restrictions on commercial litigation funding in 2024.

The judge relied heavily on a previous UK court decision.

NatGen allegedly collected $500mn associated with the fraud.

The proposed class says the plan does not cover smoke damage.

The first RICO complaint targeted medical providers and training centers.

The victims claim insurers shouldn’t get settlement cash before they’re made whole.

Lockton EVP Matthew Simmons was ordered to pay $1.9mn of the total award.

Fleming files claims against James River, its CEO Frank D’Orazio and group CFO Sarah Doran.

The plaintiff is seeking damages in excess of $35,000 as well as a trial by jury.

A quick round-up of today’s need-to-know news.

A draft bill would require the disclosure of third-party financing in federal courts.

AIG says new details support case that former execs launched Dellwood using confidential business information.

This follows AIG’s voluntary dismissal of claims against Dellwood’s top execs.

Beazley has two days to amend its complaint, correcting jurisdictional deficiencies.

The Bermuda courts will assess Onex’s lower, revised offer for the fronting unit.

AIG is maintaining its initial 'unlawful misappropriation' suit against Dellwood.

Of that total, $312.5mn was allocated to resolve the PFAS claims.

Ten companies have filed a 0% increase and at least eight companies have filed a rate decrease to take effect in 2024.

The carrier’s comments on claims severity should serve as a warning for the industry

Verdicts awarding more than $100mn hit a new high of 27 last year, study finds.

The plaintiffs – three former claims adjusters – were each awarded $25mn in punitive damages.

The agreement from Fleming to honour original terms still leaves it open to long-term damage.

NFP claims it has so far lost five clients to Alliant, resulting in damages of $2mn.

Fleming had attempted to land ~$78mn in ‘economic concessions’ on the deal.

Ten states joined in the original suit.

The global insurer also alleges breach of contract and fiduciary duty in the federal suit.

Altamont-backed Fleming says it remains willing to acquire JRG Reinsurance.

The six execs left Acrisure for rival broker Woodruff Sawyer in March.

PCF claims it overpaid the first year earnout by over $19mn in the $226mn acquisition of Rice.

Demand for funding is still seen as robust, however.

Lockton broker Gary Giulietti said the size of the bond is "rarely, if ever, seen".

The agency will track the potential impact of the lawsuit on James River’s ratings.

James River sued Fleming yesterday to enforce the $277mn sale of its casualty re unit.

Fleming has claimed breach of contract and is seeking roughly $78mn in “economic concessions”.

Procedural expenses in the case have been as high as $100,000 per day.

Vesttoo is unable to make a similar request again.

The probe concluded in Q4 last year, according to Gallagher’s 10-K.

The committee claims Chaucer waited until it had ‘maximum leverage’ over other debtors.

As last year’s reforms shake out, only a few changes are pending for 2024.

Rates are generally cheaper than the admitted market.

The syndicate is suing its reinsurers to cover Covid-19-related claims in California, Colorado, Florida, Illinois, Nevada, New York and the UK.

In total, insurers paid indemnity of $11bn and loss adjustment expenses of $1.5bn for claims closed in 2022.

The 11th hour settlement came just days before the case was scheduled to be heard by the New Jersey Supreme Court.

Thursday’s announcement means that the Russian insurer is off the hook for claims proceedings.

The reforms are working for claims filed after December 2022, but attorneys are still litigating claims filed prior to the legislation.

The “convenience claims” route to payout will be limited to claims up to $200,000.

The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on the ILS InsurTech.

The DoJ also hit rival reinsurance broker Tysers with a $36mn penalty and administrative forfeiture of around $10.5mn.

The probe determined that Syed Baghdadi and Gator falsified information and misappropriated premiums, leaving multiple customers uncovered.

Chief of IRS Criminal Investigation said Tysers had "eroded the process of fair and open competition".

The Trustee had sought to accelerate the liquidation process while avoiding significant admin costs.

Under the agreement, reached late on Monday, Vesttoo would sell its assets in a transaction that would close by December 1, 2023.

The beleaguered firm claims its creditors are unsympathetic around delays due to the Israel-Hamas conflict.

In a motion filed Friday, the trustee requested to convert Vesttoo’s Chapter 11 case to Chapter 7 so that “an independent fiduciary can wind down the debtor’s affairs and avoid significant administrative costs”.

Earlier today, in a bid to accelerate liquidation, the company’s unsecured creditors requested early termination of the exclusivity period granted Vesttoo to develop a reorganization plan.

Doing so would save “at least $8.5mn in cash” based on the firm’s monthly operational expenditures, according to a recent motion.

Creditors already have authorisation to access Vesttoo’s data as part of their investigation.

Last week, this publication revealed that Howden agreed to pay Guy Carpenter in excess of £50mn ($61mn) to settle the poaching suit related to Massimo Reina and a defecting European team.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Damages following the departures are estimated at $15mn, based on the fact that the transaction solutions team’s average monthly profit was $1.67mn between 2022 and 2023.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The motion seeks discovery of information and documents about the structure and operation of White Rock’s cells.

The payment represents the largest ever made in a team lift case in the London market.

An internal missive, seen by Insurance Insider, also revealed Howden has agreed to a ‘set of demands to make amends’ in the wake of poaching settlement.

Kenneth Gould and Frank Scardino resigned “effective immediately” in early October to join WTW, allegedly forgoing a required 30-day notice period.

The two rival brokers have reached an out-of-court settlement over the poaching of 38 Guy Carpenter staff by Howden.

Scott Canales, Richard Roderick, and Greg Barnes will join as executive vice presidents, and Mark Racunas as senior vice president, of Alliant Specialty.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Avenue Capital-backed Greylag claimed that insurers denied coverage of the two lost aircraft, which have a value of nearly $110mn and $120mn, respectively.

A summary of commentary from the second day of Inside P&C New York, with insights on InsurTechs, MGAs and Vesttoo.

The Orlando, Florida-based brokerage filed a complaint last week in a South Carolina court, saying the clients being solicited represent over $8mn in annual revenue.

The InsurTech claims five former staff, including the CEO and CFO, forged signatures and impersonated bank staff.

In the initial court documents, Aon alleged its rival broker and former head of PFI “conspired unlawfully” to recruit key members of the team.

Court filings indicate use of “phony phone numbers” and creation of a “wholly fictitious person” in the letters of credit fraud that has engulfed Vesttoo.

For the casualty and property programs the Archdiocese paid nearly $2.2mn collective annual premiums each, court records reviewed by Inside P&C show.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

A committee of unsecured debtors was appointed, including Markel, Clear Blue, Porch’s HOA, United Automobile Insurance and Proventus.

The Aon transformer is seeking information on the origins of alleged fraudulent letters of credit.

The Aon unit noted 37 LOCs “purportedly procured by China Construction Bank (CCB), Banco Santander and Standard Chartered Bank US”.

The company’s Monday statement is the latest development in a debacle that could potentially lead to a major loss event for the utility company’s casualty insurers.

Vesttoo has filed documents at the Bankruptcy Court for the District of Delaware that seek an automatic stay against White Rock and its putative liquidators.

The company's Ebitda for 2022 was estimated at $60mn compared to $20mn in 2021.

The settlement would resolve claims that Allstate defrauded shareholders by underreporting “skyrocketing” auto claims to artificially boost the stock price, which later crashed.

The firm’s interim CEO Ami Barlev has argued that, with Vesttoo’s weekly expenses being $360,000, freezing assets above $1m would be “catastrophic for the company”.

The ILS transformer platform claims Vesttoo is in breach of shareholder agreements.

The co-founders will be on paid leave until a final decision is taken.

The broker said it believes it has meritorious defenses and intends to vigorously fight the claims and seek recourse against third parties where appropriate.

The fronting company said impairment to Vesttoo’s LoC collateral will be "immaterial".

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The suit is related to the violation of a non-disclosure agreement between the parties.

The supply-chain finance firm dramatically collapsed in 2021 after its trade credit insurance was pulled.

The bishop’s insurance policies include general liability coverage, auto, employment practices, E&O, D&O, excess liability, cyber and sexual misconduct.

The three former USI employees were held liable for breach of contract after violating non-solicitation clauses.

With social inflation increasing since Covid, ProAssurance’s recent announcements could be the tip of the iceberg for older claims in the industry.

The broker said it intends to vigorously defend itself against Aon’s allegations concerning the departure of fac re employees.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The companies filed the motion with prejudice, barring them from bringing the same arguments to another US court in the future.

Aon claims that Alliant has poached around 32% of Aon’s facultative reinsurance group, including 18 of the 25 Aon employees in the casualty fac team at all levels.

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.

The insurer made the payment on April 20, according to SEC filings reviewed by Inside P&C.

The impact of recent tort reforms is already being felt in the Sunshine State, the CEO said.

One question in the community is whether nuclear verdicts this year will spark a re-acceleration of rates, especially in the lead excess layers.

The carrier cited a “huge” spread of possible outcomes from various lawsuits relating to aviation claims from the conflict.

US District Judge Richard Andrews struck down the arguments by some insurers that the judgment inflated claims and contained factual errors.

For years, Florida attorneys have utilized one-way attorney fees and assignment of benefits to bleed the insurance market of thousands of dollars.

The companies did not disclose whether any money exchange hands as part of the agreement.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

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.

The payment followed a $200mn disbursement that Chubb made in Q3. The insurer expects to cover the remaining $500mn of the liability in 2023.

After threatening a swathe of downgrades of Floridian carriers last year, the ratings agency has signaled a positive reception of reforms.

A canvass of Florida executives by Inside P&C suggests glimmers of an improved claims environment ahead.

The InsurTech is accusing Brinson Caleb Silver and his alleged co-conspirators of executing a scheme which defrauded it of at least $9.4mn.

The cases were filed in California and Florida courts, states where non-competes are currently treated differently, and followed the FTC’s move to ban them.

In addition, Lloyd's syndicates Atrium and Syndicate 1183 asked the judge to dismiss the case against them in its entirety.

AmFed’s Pie Development alleges that Pie co-founders Dax Craig and John Swigart misappropriated trade secrets which led to the founding of the InsurTech.

Louisiana governor John Bel Edwards, state insurance commissioner Jim Donelon, and legislative leadership are in discussions about a potential special session.

In each case, the broker asked the judge to dismiss with prejudice, barring the parties from bringing the disputes to another US court.

All claims in the case were dismissed with prejudice, barring the parties from bringing the dispute to another US court.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The broker argued that WTW conspired with former employees Terry Rolfe and Daryl Abbey to use its confidential information and divert customers to WTW.

While the new legislation will likely bear fruit in 12-24 months, insurers must first pass the hurdle of 6.1 renewals amid higher reinsurance pricing and limited availability.

On Tuesday, the bill passed in the State Senate 27-13, and today's passage in the House represented an 84-33 party line split.

The bill under discussion tackles key concerns like eliminating one-way attorney fees and getting rid of the state’s controversial assignment of benefits right.

The company settled 364 claims related to vehicle theft reporting, resolving over 95% of its pending theft reporting claims.

The state’s lawmakers will meet on December 12-16 to address the challenges facing its troubled property insurance market.

Employers this year have grappled with landmark decisions from the Supreme Court and the passage of significant employment laws, the broker said.

The lessor is looking to recoup $750mn from its war insurers or over $875mn from its all-risk insurers, in the event that its war claim fails.

The amount Aircastle is looking for in the suit is, however, lower than the $350mn insurance claim that for equipment stranded in Russia.

The Q3 settlement gain of $35mn net of litigation costs and taxes will be recognized in Q4, SEC filings show.

The US DoJ is seeking information related to Gallagher's insurance business with public entities in Ecuador.

The insurer expects to pay the remaining $600mn liability within the next 12 months.

The brokers asked the judge in the case for a 30-day extension to finalize settlement terms in Aon’s suit against WTW.

The Massachusetts Bay Transportation Authority claims the firms failed to act over the bankruptcy of LMH-Lane Cabot Yard Joint Venture.

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.

Both lawsuits and counterclaims were dismissed with prejudice, barring the brokers from bringing the disputes to another US court.

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.

Executives Peter Barbara and John Drew seek monetary relief of more than $1mn, filings show.

The carriers appealing the settlement include AIG’s Lexington Insurance, Travelers, Allianz Global Risks, Liberty Mutual, GenStar, Munich Re, Argo and Old Republic.

The brokers are working on finalizing the terms in a written settlement agreement, which could be filed within two weeks.

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.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The 222-page complaint describes fraud committed against various carriers, including Zurich, Tokio Marine and Everest in surety, D&O and homeowners’ insurance programs.

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.

K2 is requesting the court dismiss the case with prejudice, barring Argo from bringing the same allegations to another US court.

According to court documents, eight of the broker’s former employees departed for the InsurTech’s new Boston office over a two-week period.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The motion comes a month after Carpenter sued the rival reinsurance broker over the "orchestrated” exit of 12 executives from its Dallas-based practice.

A California court has denied a bid for $125mn in coverage following the forced suspension of filming.

The indictment mentions two unnamed UK reinsurance brokers and an executive who took part in the corruption scheme.

All claims and counterclaims in the case were dismissed with prejudice, barring the parties from bringing the dispute to another US court.

The reinsurance broker also sued five former GC Access leaders who now work at Howden as managing directors.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The new deadlines set last week after a hearing suggest that recent settlement negotiations between the brokers to end the case via private mediation did not come to fruition.

The InsurTech called the broker a “serial litigant”, notorious for enforcing restrictive covenants to former employees.

The judge’s order to dismiss the case did not disclose whether any money exchanged hands as part of the settlement.

Argo sued K2 in May claiming that the team lift-out was accomplished through breaches of fiduciary duty and contract.

The parties did not disclose whether any money changed hands to settle the legal proceedings.

The parties did not disclose whether any money changed hands to end the legal proceedings.

Mercury Insurance denies allegations that it did not comply with the state’s consumer protection laws.

In the lawsuit, filed last week in a New York court, WTW is seeking injunctive relief and compensatory damages over a year after Lockton lured the executives.

The discovery process will run through August and September, and the court will hold a hearing on Aon’s motion for a preliminary injunction on October 12.

The complaint was filed yesterday in Illinois and judge Martha Pacold is overseeing the case.

Gartner accuses the broker of breaching its fiduciary duty and negligent misrepresentation for selling policies that didn’t cover its losses from pandemic-canceled events.

WTW sued the rival broker over the poaching of 25 members of its senior living group in September 2021.

The complaint was filed on July 14 in the Superior Court of Suffolk County in Massachusetts.

Since January, claims lawsuits have hovered around the low to mid 4,000s each month.

The complaint, filed in late June, names John Thomas, Andrew Bennett and Jennifer Boyers Gullett as defendants.

The brokers expect to reach an out-of-court agreement to end the poaching case in south Florida within two weeks.

The suit named sellers David King, Robert Lefebvre, Creative Insurance Managers and Contractor Resource Solutions, who owned 37.6% of High Point.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The decision finalizes a tentative settlement that was reached last month between several parties and prevents the claims from going to trial.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Louisiana appeals court decision that allows property damage claim for Covid shutdowns is contrary to every other appellate ruling on the issue.

In a 3-2 split decision issued last week, Louisiana’s Fourth Circuit Court of Appeal ruled that the policy language is “ambiguous”.

The complaint names surety executives John Thomas, Andrew Bennett and Jennifer Boyers Gullett as defendants.

The parties did not disclose whether any money changed hands to settle the legal proceedings.

Greenberg said Chubb will not set a net-zero timeframe until the carrier finds out how to monitor the reduction of carbon footprint in its underwriting portfolio.

The case is linked to losses associated with asbestos-related injuries and claims filed over two decades ago in Montana.

The defendants denied the accusations of misappropriation of trade secrets and confidential information by BHSI.

The contractors’ association argued the law would prevent contractors who hold AoBs from recovering their attorneys’ fees if they prevail in a lawsuit against an insurance company.

The dispute follows a complaint McGriff filed against Alliant and 3 former execs, accusing them of “breaching their valid and enforceable restrictive covenants.”