Applied Underwriters sues CDI’s Lara over rehabilitation of subsidiary
Applied Underwriters has sued California insurance commissioner Richardo Lara over a rehabilitation plan for a subsidiary that was placed into conservatorship in response to the workers compensation insurer’s sale by Berkshire Hathway.
RSA will not appeal on Resilience and Eaton Gate wordings
UK insurer RSA will not appeal to the Supreme Court over the High Court’s decision on three wordings in the City watchdog’s business interruption test case.
Insurers fear FCA’s BI test case has damaged trust in industry
UK insurance professionals fear the Financial Conduct Authority (FCA)’s High Court test case over business interruption (BI) claims has reduced trust in the industry, according to survey findings.
East West Insurance enters administration on building defect litigation
The City watchdog and UK lifeboat scheme have confirmed UK insurer East West Insurance Company (EWIC) has been placed into administration, with EY appointed as administrators.
Fermat’s Syroka calls on Congress to bring ILS onshore
Congress should take measures to bring the insurance-linked securities (ILS) market onshore in a move which would make the protection afforded by the instruments more accessible to public and private entities in the US, Fermat Capital Management’s Joanna Syroka has told lawmakers.
UK Gov mulls ending Pool Re’s uncapped guarantee
The UK government appears to be mulling an end to Pool Re’s unlimited guarantee which has underpinned the terrorism mutual’s gilt-edged financial security since its formation in 1993.
QIC denied right to intervene in FCA BI test case
QIC Europe (QEL) – the European operating subsidiary of Qatar Insurance Company (QIC) – has been denied the right to intervene in the UK City watchdog’s High Court test case over the payment of insurance claims for businesses forced to close during the coronavirus lockdown.
Panel declines BI MDLs for four insurers but combines Society cases
The Judicial Panel on Multidistrict Litigation has decided not to centralise almost 280 business interruption (BI) suits filed in US district courts against Travelers, The Hartford, Cincinnati Insurance and Lloyd’s into insurer-specific proceedings but will combine over 30 cases against Society Insurance.
Policyholder group adds fifth proposal to US pandemic debate
A concept suggested by a group representing commercial policyholders means that five proposals for protecting against future pandemics have now been put forward in the US, with a Federal Insurance Office (FIO) subcommittee set to hear from the developers of the various options at its next meeting in December.
MDL panel mulls centralising BI suits into insurer-specific proceedings
The Judicial Panel on Multidistrict Litigation has held a hearing to consider creating insurer-specific proceedings that would centralise Covid-19 business interruption (BI) lawsuits against The Hartford, Cincinnati Financial, Society Insurance, Travelers and Lloyd’s underwriters.
Florida judge denies Hartford motion to dismiss Covid-19 BI case
US insurers have now been denied at least four motions to dismiss Covid-19-related business interruption lawsuits, with a Middle District of Florida judge ruling that a gynaecologist practice’s policy from The Hartford is ambiguous despite having an exclusion.
SoCal Edison settles subrogation claims for 2017 wildfires and 2018 mudslides
Southern California Edison (SCE) has settled with holders of insurance subrogation claims for almost 56 cents on the dollar in the pending litigation arising from the 2017 Thomas and Koenigstein fires and the 2018 Montecito Mudslides.
BMA cancels Phoenix’s registration as SPI looks east for new domicile
Phoenix CRetro Reinsurance Company has responded to the Bermuda Monetary Authority’s (BMA) decision to cancel its special purpose insurer’s registration for alleged breaches of the island’s Insurance Act by stating that it will look to set up in an alternative jurisdiction in Asia.
Missouri judge denies another motion to dismiss a Covid-19 BI case
US insurers have now suffered at least three unfavourable rulings in Covid-19-related BI cases after a Missouri district court judge denied Owners Insurance Company’s motion to dismiss a case brought by dental practice.
Under-scrutiny CinFin wins Covid-19 BI case dismissal in Illinois
Cincinnati Financial – seen as one of the US insurers most exposed to potential Covid-19 business interruption (BI) claims because of the lack of virus exclusions in its policies – has been granted a motion to dismiss a lawsuit filed by a dental practice in Illinois.
NFIP extension expected in continuing resolution as expiration looms again
Insurance trade associations are urging Congress to reauthorise the National Flood Insurance Program (NFIP) ahead of its 30 September lapse, with a short-term extension expected to be included in a continuing resolution to keep federal agencies open.
Hiscox shares close up 17%; BI claims from High Court judgement pegged at <£100mn
Shares in London-listed Hiscox closed up 17 percent after the carrier estimated additional Covid-19 claims arising from business interruption to be less than £100mn ($129.1mn) net of reinsurance following the UK High Court judgement this morning.
Century 21 sues insurers on $350mn property cover over Covid-19 claims
Century 21 has sued its panel of property insurers for their failure to pay out more than $175mn of Covid-19 related business interruption claims which the iconic New York City discount designer store said has led it to file for Chapter 11 bankruptcy.
Rep. Maloney holds stakeholder discussion to build Pria momentum
US Congresswoman Carolyn Maloney has emphasised the need for her Pandemic Risk Insurance Act (Pria) by hosting a discussion with stakeholders, including input from organisations that have proposed other solutions.
Century 21 blames insurers for not paying Covid claims as it files for Chapter 11
Century 21 has blamed its insurers after filing for Chapter 11 bankruptcy, with the iconic New York City discount designer store stating its carriers have failed to pay out on $175mn of Covid-19 related business interruption claims.