PG&E wins right to retain control of bankruptcy
Bankrupt California utility company Pacific Gas & Electric (PG&E) will retain control of its multibillion-dollar bankruptcy process after a judge denied requests by two groups of creditors to file their own Chapter 11 exit plans.
Mercury’s record $27.6mn California fine upheld
California’s Department of Insurance has claimed victory in a 20-year battle with a Mercury General subsidiary after the state’s supreme court denied the insurer’s petition appealing a $27.6mn fine.
Key vote on California’s disaster insurance bill scrapped
Progress has stalled on a bill that would allow California to take out insurance and buy catastrophe bonds against wildfires and other disasters.
Lloyd’s sued for “bad faith” by high profile investor Harry Parshall
The Society of Lloyd’s is being sued by the high-profile London market figure Harry Parshall in a dispute which may test the boundaries of Lloyd’s liability to its members.
Florida Supreme Court dismisses closely watched AOB suit
Citing reform that came into effect at the start of this month, the Florida Supreme Court has narrowly voted to reverse its decision to review a dispute over assignment of benefits (AOB) involving Ark Royal Insurance and a contractor.
Associations slam Senate NFIP bill’s WYO provision as unacceptable
Insurance associations are strongly opposing a bill introduced in the US Senate that would extend the National Flood Insurance Program (NFIP) for five years.