Legal dispute

Hiscox trades up despite FCA/policyholders victory in landmark BI test case

Shares in Hiscox gained sharply on Tuesday after the London-listed carrier narrowed its additional Covid-19 exposures despite the High Court ruling that thousands of disputed business interruption policies are triggered by the pandemic in a landmark ruling that could have billion-pounds consequences for the UK insurance sector.

Clarity… but not closure

In only a few hours time we will discover the outcome of a critically important Covid-19 legal test case in the UK High Court.

Alleghany unit sues trading company over coverage for spoofing lawsuit

RSUI, the excess and surplus lines subsidiary of Alleghany, has sued trading and technology company Tower Research Capital (TRC) seeking a declaratory judgment that no coverage exists under its excess liability policy for a settlement related to futures manipulation.

California judge cuts short barbershops’ Covid-19 BI suit against Farmers

Another insurer has been granted a motion to dismiss a US Covid-19-related business interruption (BI) suit, with a Southern District of California judge throwing out a case brought by the owners of two barbershops against Farmers.

Chubb sued by production company after Covid-19 delays Ben Affleck movie

A movie production company has sued Chubb for refusing to extend its policy after filming of a big-budget action thriller starring Ben Affleck was delayed by Covid-19, accusing the insurer of “a broad scheme to save itself tens of millions of dollars”.

Judgment Day: What to expect from the FCA Test Case decision next week…

The hotly anticipated judgment in the Financial Conduct Authority’s (FCA) test case on business interruption and Covid-19 claims will be handed down next week in a ruling set to have far-reaching consequnces for both carriers and policyholders. With so much at stake and to make sense of the issues at hand, we speak to Bryan Cave Leighton Paisner LLP’s Jonathan Sacher and Richard Jennings about what the industry can expect on judgment day…

Lockton broker accused of forgery to win Axa commission

British property investor Aubrey Weis has accused international broker Lockton of forging documents about a policy payout in order to retain its lucrative relationship with insurer Axa.

FCA’s BI court case judgment set for 15 September

The High Court will hand down its judgment on the Financial Conduct Authority’s landmark test case on disputed UK business interruption from the Covid-19 pandemic on Tuesday 15 September.

AIG, FM Global and Lloyd’s among insurers in high-stakes casinos lawsuits

A notable subset of US Covid-19 business interruption (BI) litigation has been filed by casinos, with AIG and FM Global facing lawsuits seeking triple-figure payouts and insurers on an Alliant program facing multiple suits from Native American tribes.

Shareholder suit over Willis-Towers Watson merger granted class certification

A Virginia judge has granted class certification to a long-running shareholder lawsuit over the 2016 merger between Willis and Towers Watson in which the plaintiffs are seeking $456mn in damages.

Ex-AIG attorney claims he was fired in retaliation for whistleblowing

The former head of AIG’s Legal Operations Center (LOC) has sued the insurer, claiming that he was fired and more than $1mn of his equity awards were eliminated in retaliation for raising whistleblower concerns.

Michigan judge hands State Farm another win in Covid-19 BI case

A district court judge in Michigan has granted State Farm’s motion to dismiss a case brought by a chiropractor seeking business interruption (BI) losses related to Covid-19, marking insurers’ second favourable ruling of the week following a similar ruling for Nationwide.

Section 11 case dismissal seen as positive for IPO D&O market

A California superior court has dismissed a case called Restoration Robotics for lack of jurisdiction, in what one observer calls a “game-changing opinion” that could help ease hard market IPO D&O insurance pricing conditions.

Covid-19 BI lawsuit against Nationwide dismissed in latest win for insurers

Another motion to dismiss has been granted in favour of an insurer in business interruption (BI) litigation over Covid-19 losses, with a federal judge in Florida throwing out a case brought by a dentist against a Nationwide subsidiary.

Circus Circus hits back at AIG’s “house of cards” in BI dispute

A Las Vegas casino that is suing AIG for Covid-19 business interruption losses over a policy that provides over $500mn of coverage has hit back at the insurer’s attempt to have the case dismissed, arguing that an environmental pollution does not apply under Nevada law.

California district judge throws out Covid-19 BI case against Travelers

In the latest favourable ruling for an insurer in Covid-19 business interruption (BI) litigation, a Central District of California judge has granted Travelers’ motion to dismiss a case brought by a Los Angeles restaurant, noting that “under California law, losses from inability to use property do not amount to ‘direct physical loss of or damage to property’”.

Alliant’s Tribal First capacity providers in firing line as groups file Covid-19 lawsuits

Carriers that provide capacity to the Alliant-managed Tribal First program have found themselves at the centre of at least seven Covid-19 business interruption (BI) lawsuits filed by Native North American groups, The Insurer has learned.

Owner of over 40 gaming operations sues on $725mn policy

Penn National Gaming (PNG) has sued 29 of its insurers for Covid-19 business interruption (BI) losses, noting the defendants did not add in specific virus exclusions to its $725mn policy unlike some of its other insurers.

Convicted insurance exec Lindberg hits back at NC insurance commissioner

Billionaire businessman Greg Lindberg, who last week was sentenced to more than seven years in prison for attempting to bribe North Carolina’s insurance commissioner, has issued a defiant letter stating he is confident in a successful appeal of the case.

One of Broadway’s largest theatre owners sues Chubb for Covid-19 losses

The owner of theatres showing productions including The Book of Mormon has set the stage for a dramatic showdown over Covid-19 business interruption losses, suing Chubb for trying to limit its insurance payout to $250,000 despite its policy not including a pandemic exclusion.

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