Liability

Obsidian enters contractors’ GL program partnership with ISC

Hybrid fronting carrier Obsidian has signed a deal to provide the AM Best A- rated paper of its surplus lines subsidiary to the main contractors’ general liability program of Integrated Specialty Coverages.

New Jersey diocese seeks court approval of $27mn insurance settlement

The Diocese of Camden has asked its bankruptcy judge to approve a $27.2mn settlement of sexual abuse claims with its insurers, although the tort claimants committee in the proceeding has described it as a “woefully inadequate sum”.

Ercot insurers on notice after carriers seek to subrogate Uri losses

The liability insurers of Electric Reliability Council of Texas (Ercot) and several power companies have been put on notice for claims after the entities were sued by a host of carriers and surety bond issuers looking to subrogate their losses incurred from last February’s Winter Storm Uri, The Insurer understands.

Preliminary tally shows Boy Scouts plan falling short of claimant approval

Preliminary voting shows the Boy Scouts of America (BSA) falling short of the 75 percent support it was seeking from sex abuse victims for its near $2.7bn settlement plan to emerge from bankruptcy, a substantial amount of which would be funded by insurers including The Hartford and Chubb.

Judge rules in PES’s favour in property damage part of oil refinery explosion claim

A judge has granted summary judgement to PES Holdings in a ruling its lawyers said effectively secures a minimum of $93mn in additional insurance coverage for the property damage losses from a series of explosions at a Philadelphia refining complex in June 2019, a move that follows last month’s $270mn settlement of the business interruption (BI) claims.

Insurers to cover $340mn of USA Gymnastics sexual abuse settlement

A bankruptcy court has approved USA Gymnastics’ plan of reorganisation, which includes a $380mn settlement with sexual abuse survivors, of which insurers will cover $339.5mn, with a Nationwide subsidiary on the hook for $200mn.

Chubb reaches $800mn Boy Scouts settlement

Chubb has agreed to pay $800mn to settle its Boy Scouts of America (BSA) claims relating to sexual abuse, with the insurer noting that carried reserves and reinsurance will reduce the net financial impact.

R Street study: Insurers need “more aggressive strategies” to combat social inflation

A new study from R Street has concluded that unchecked social inflation could become a “self-perpetuating phenomenon”, with the think tank urging insurers and defence counsel to deploy more aggressive strategies to push back on tactics violating existing norms of courtroom behaviour.

QBE survey highlights liability concerns over Covid-19 actions

Close to one third of UK senior business leaders surveyed by QBE believe actions taken during the Covid-19 pandemic could leave them facing liability claims.

JPMorgan wins appeal against insurers in $140mn settlement dispute

The State of New York Court of Appeal has overturned a lower court and ruled that policies issued by Chubb and various excess insurers should cover $140mn of a “disgorgement” payment that was part of a 2006 Bear Stearns settlement with the SEC over improper mutual funds trading.

Lawsuit alleges construction of neighbouring tower led to Champlain Towers collapse

A new lawsuit has alleged that the construction of a luxury building next to the Champlain Towers South (CTS) in Surfside, Florida led to the collapse that killed almost 100 people in June, in litigation that will be closely monitored by the insurers of the developers of the neighbouring tower.

IAT unit sues for declaration not liable for $17mn Texas shooting award

Acceptance Indemnity Insurance has filed a lawsuit seeking a declaration that its policy does not cover a $17mn Texas jury award against a bar that was found to have negligently failed to stop an attack in which a shooter killed eight people and severely injured another.

Hub’s SPG acquires CM&F Group

Hub International’s Specialty Program Group has acquired CM&F Group, a digital provider of healthcare liability insurance coverage for individuals and groups.

Specialty Program Group’s E&O-focused CSR hires RPS’ Green

Specialty Program Group’s E&O and management liability-focused unit Capitol Special Risks has brought in Alison Green from Risk Placement Services as director of brokerage.

Insurer seeks declaration $66.5mn crash verdict not covered by its policy

Owners Insurance has filed a lawsuit seeking a declaration that its auto policy does not afford coverage for a $66.5mn jury verdict handed down last month in a wrongful death case in Georgia state court, beyond the $50,000 it has already paid out related to a car crash that killed one and injured others.

Harvard sues Zurich for defence costs in discrimination litigation

After exhausting a $25mn AIG primary policy, the President and Fellows of Harvard College has sued Zurich for coverage of defence costs under an excess policy with a $15mn aggregate limit in connection with litigation over the university’s admissions practices.

Tort claimants’ committee opposes Hartford’s $787mn Boy Scouts settlement

The Tort Claimants’ Committee (TCC) in the bankruptcy of the Boy Scouts of America (BSA) has opposed the organisation’s new $787mn settlement with The Hartford, as well as a separate $250mn settlement with the Church of Jesus Christ Latter Day Saints.

The Hartford agrees new $787mn Boy Scouts settlement

The Hartford has entered into a new agreement-in-principle in the Boy Scouts of America (BSA) bankruptcy, under which the insurer will pay $787mn before tax for claims associated with its policies mostly issued in the 1970s.

AM Best: Boy Scouts scandal an earnings event for Hartford and Chubb

An AM Best analysis of the Boy Scouts of America (BSA) dispute suggests it will not be more than an earnings event for the large insurers involved including The Hartford and Chubb, while the rating agency added the social issues surrounding sexual abuse claims are “concerning”.

USA Gymnastics proposes $425mn insurance settlement of abuse claims

USA Gymnastics and a committee representing sexual abuse victims of former national team doctor Lawrence Nassar have a filed a plan to emerge from bankruptcy that includes a $425mn settlement that would be paid by insurers, four of which have not yet agreed to the proposal.

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