Liability

XL moves to bring Old Republic into opioid dispute with supermarket

XL has filed a third-party complaint against Old Republic in a bid to make it cover costs related to supermarket chain Giant Eagle’s litigation with XL and Zurich over opioid exposures.

Insurers to cover $15mn of Danish firm’s cyber attack loss

Danish hearing health care company Demant has estimated a financial impact of DKK550mn to DKK650mn ($88mn to $96mn) from a cyber attack last month after the recovery of DKK100mn ($15mn) from its insurance.

CAC Specialty announces private equity unit

Cobbs Allen’s newly-launched brokerage CAC Specialty has formed a financial sponsors group to bring together seven of its specialties.

Enstar closes $500mn Zurich A&E legacy deal

Bermudian legacy specialist Enstar Group has completed a transaction to reinsure certain US asbestos and environmental liability insurance portfolios of Zurich North America.

Existing cannabis insurers ambivalent over Safe Banking Act passage

Carriers already writing cannabis insurance are in two minds over the SAFE Banking Act because it would make life easier for them but also bring new competition into the market.

Zurich exits US railroad liability classes

Zurich North America’s E&S carrier Steadfast Insurance Company has pulled out of casualty segments of the US railroad insurance market, including force liability and railroad liability, The Insurer can reveal.

Purdue considers self insurance amid liability capacity challenge

Purdue Pharma has detailed its insurers in a bankruptcy filing in which it also revealed it is looking at setting up a captive because of the challenge of finding liability insurance from third parties.

Swiss Re settles concussion dispute with NFL

Swiss Re subsidiary Westport Insurance has settled with the National Football League in a case over concussion pay-outs to former players that goes back to 2012 and involves more than 30 insurers.

NY regulator urges insurers to act in good faith over CVA claims

New York’s department of financial services (DFS) has issued guidance urging insurers with potential exposure to legal claims stemming from the Child Victims Act (CVA) to act promptly and in good faith.

The insurability of cyber penalties – whose fine is it anyway?

A lack of clarity remains around the insurability of the fines for infringement of GDPR – such as the recent large penalties against British Airways and Marriott – as well as FTC and SEC fines for privacy violations in the US.

National Indemnity ordered to pay $98mn Montana asbestos costs - report

A judicial court judge has ruled National Indemnity should pay the state of Montana $98mn to cover the costs of defending and settling asbestos-related claims related to a mining operation in the town of Libby, according to legal publication Law 360.

Rockefeller University sues insurers over sexual abuse claims

Insurers including Travelers and Chubb have been sued by The Rockefeller University for refusing to provide cover for hundreds of claims of sexual abuse going back decades, in the latest suit related to the New York Child Victims Act (CVA).

Travelers shares down 3% after non-cats and tort trends hit results

Investors reacted negatively as Travelers highlighted higher than expected non-catastrophe weather losses and a worsening tort trend that extended from commercial auto into other liability coverages in its Q2 earnings.

CRC launches $15mn investment advisors cover with Markel

US wholesale broker CRC has added an investment advisors liability product to its exclusive Insurisk platform with capacity thought to be provided by specialty insurer Markel, The Insurer can reveal.

Active shooter insurance demand surges since 2016

Demand for specific insurance against mass shootings in the US has been strong in the past three years, with the coverage provided by the few carriers that offer this niche protection differing widely, AM Best has revealed.

$6bn US cyber market needs to broaden its coverage: Betterley report

The latest Betterley Report on US cyber/privacy insurance has revealed the estimated size of the market measured by premium volume has grown by $1bn since last year’s survey but the consultant has warned products too often focus on breach of private data.

Rocketing ransomware attacks the cyber story of 2019

A spate of ransomware attacks on US cities in the past two months is just the latest development in a year for the cyber market so far defined by rocketing levels of ransomware activity.

Lawyers pocket 61% of costs in merger-objection lawsuits: Chubb

Chubb has rounded on the growing “cohort of lawyers” who benefit from the surge in securities class action lawsuits by reaping a disproportionate share of settlement dollars, as it called for meaningful reform to fix a “broken system”.

Legal & General takes on £4.6bn pension risk from Rolls Royce

Legal & General has written the UK’s largest pension risk transfer (PRT) deal with the Rolls-Royce UK Pension Fund (RRPF), valued at £4.6bn ($5.84bn).

AIG among the few IP insurers as market struggles for lift off

A report from Betterley Risk Consultants has revealed the market for intellectual property (IP) insurance remains highly specialised with limited capacity and modest growth but media liability insurance – which touches on IP areas – is growing much faster.

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