Douglas McLeod (mailto:dmcleod@BusinessInsurance.com)
NEW YORK?American International Group Inc. is asking a federal judge to expedite a trial of its dispute with Starr International Co. over ownership of a huge block of AIG stock, citing former Chairman Maurice R. Greenberg?s announced plan to review AIG?s ?performance and strategic direction? with...
NEW YORK?New York state insurance regulators have brokered a deal that would raise enough cash from life insurance guaranty funds and property/casualty insurers to offset a projected $2 billion deficit at the insolvent Executive Life Insurance Co. of New York. The deal would allow ELNY to make good...
NEW YORK?Former RenaissanceRe Holdings Ltd. executive Michael W. Cash has agreed to settle civil charges filed by the Securities and Exchange Commission that he helped arrange a sham finite reinsurance deal to smooth RenaissanceRe?s earnings. Without admitting or denying the charges, Mr. Cash, a...
NEW YORK?Lloyd?s of London Chairman Lord Peter Levene praised New York insurance regulators? proposal to relax collateral requirements for non-U.S. reinsurers and sharply criticized the National Assn. of Insurance Commissioners for failing to follow New York?s lead. In remarks following a Lloyd?s...
STAMFORD, Conn.?A state judge has issued a temporary injunction against Arch Capital Group Ltd. after finding that several Arch facultative reinsurance officials misappropriated General Re Corp. trade secrets when they left Gen Re to join Arch earlier this year. Connecticut Superior Court Judge...
TALLAHASSEE, Fla.?A judge has denied Cincinnati Financial Corp.?s request to limit the scope of subpoenas issued by the Florida Office of Insurance Regulation. Cincinnati Financial filed petitions in Florida?s Leon County Circuit Court last month to narrow the information requested in the subpoenas...
CHARLOTTE, N.C.?Wholesale broker AmWINS Group Inc. has withdrawn its filing for an initial public offering of company shares. AmWINS, formerly American Wholesale Insurance Group, originally filed its registration statement with the Securities and Exchange Commission in November 2006 and amended the...
TALLAHASSEE, Fla.?Cincinnati Financial Corp. is asking a Florida court to restrict Florida regulators? demands for reinsurance and other documents of Cincinnati subsidiaries. The Cincinnati-based insurer disclosed Thursday that the Florida Office of Insurance Regulation issued subpoenas in August...
PROVIDENCE, R.I.?The Rhode Island attorney general has asked a judge to approve a statewide lead paint abatement plan that could cost three former lead paint manufacturers an estimated $2.4 billion. State Attorney General Patrick Lynch on Friday announced the plan, under which Sherwin-Williams Co.,...
ST. PAUL, Minn.?UnitedHealth Group Inc. has asked a state appeals court to halt an inquiry by Minnesota Attorney General Lori Swanson into the insurer?s backdating of stock options. In oral arguments Thursday, UnitedHealth asked a three-judge panel of the Minnesota Court of Appeals in St. Paul to...
