CHICAGO—Hub International Ltd.’s first-quarter revenues jumped 28% on the strength of acquisitions and organic growth of its standard and contingent commission income, the broker reported. Chicago-based Hub recorded $171.8 million in revenue for the first three months of this year, compared with $13
Douglas McLeod (mailto:dmcleod@BusinessInsurance.com)
NEW YORK—A federal judge has dismissed a proposed shareholder class action lawsuit charging that MBIA Inc. defrauded investors by using sham reinsurance transactions to mask a $170 million bond loss in 1998. U.S. District Judge Louis L. Stanton ruled Tuesday that the suit is barred by the...
HARTFORD, Conn.—A unit of American International Group Inc. has sued Admiral Insurance Co. over the costs of defending two firearms trade groups in liability lawsuits filed by more than a dozen municipalities across the United States. AIG’s New Hampshire Insurance Co. filed suit Tuesday...
NEW YORK—New York Attorney General Andrew Cuomo has notified Exxon Mobil Corp. that he plans to sue over the slow pace of its cleanup of the nation’s largest oil spill—a decades-old subterranean plume that spread beneath 55 acres in Brooklyn from an area of industrial waterfront. Citing alleged...
NEW YORK—A civil racketeering lawsuit filed by two New York hospitals charges that UnitedHealth Group Inc. and several of its affiliates systematically defrauded hospitals and UnitedHealth members with alleged schemes to deny legitimate claims. New York-based Jamaica Hospital Medical Center...
LOS ANGELES—A California man convicted of operating a bogus group health insurance scheme that left more than $20 million in unpaid claims has been sentenced to 25 years in prison. James Graf, who headed the now-defunct Employers Mutual L.L.C., was also ordered to pay more than $20 million in...
TRENTON, N.J.—A federal bankruptcy judge has rejected Congoleum Corp.’s 10th attempt at a Chapter 11 reorganization plan to resolve hundreds of millions of dollars of asbestos claims, citing its unequal treatment of claimants and other flaws. At the same time, the judge turned away an alternate...
NEW YORK—Metropolitan Life Insurance Co. has become the latest life insurer to settle charges of deceptive broker compensation practices, reaching a $19 million agreement with New York. Without admitting or denying wrongdoing, MetLife late Friday agreed to pay $16.5 million into a policyholder...
