Rupal Parekh (mailto:rparekh@BusinessInsurance.com)
NEWARK, N.J.?After nearly three years of legal wrangling, a federal judge has dismissed all antitrust claims leveled against dozens of insurers and brokers. The consolidated litigation filed in U.S. district court in Newark, N.J., was brought on behalf of commercial property/casualty...
CLEVELAND?Ohio Attorney General Marc Dann has sued brokerage Marsh & McLennan Cos. Inc. and four major insurers, accusing them of conspiring to fix prices and engaging in anticompetitive business practices. Filed last week, the Cuyahoga County, Ohio, lawsuit names as defendants New York-based...
NEW YORK?Zurich Financial Services Group said Monday it will pay $30 million to settle a federal class action lawsuit brought in 2004 related to its spinoff of Converium Holding A.G. Filed in New York on behalf of a group shareholders of Zug, Switzerland-based Converium, that suit alleged that...
NEW YORK?Max Specialty Insurance Co., the excess and surplus lines division of Bermuda-based Max Capital Group Ltd., has launched a unit dedicated to U.S. marine risks. Based in New York, the unit will focus on inland marine and ocean marine products. It expects to start writing business Oct. 1,...
PEMBROKE, Bermuda?PartnerRe Ltd.?s global reinsurance structure will be centralized in Dublin, Ireland, beginning in 2008, the company announced Wednesday. Partner Reinsurance Europe Ltd. will operate as the principal reinsurance carrier for all business underwritten by the company in Canada,...
NEW YORK?WTC Captive Insurance Co. has filed a motion to dismiss a multimillion dollar plaintiffs? suit, citing immunity from personal liability for all defendants but the captive itself. That lawsuit?filed last month against WTC Captive, the captive?s service providers, New York City Mayor Michael...
NEW YORK?PricewaterhouseCoopers L.L.P. should be barred as American International Group Inc.?s outside auditor due to irreconcilable conflicts of interest, a petition by C.V. Starr & Co. Inc. contends. The petition, filed with the Securities and Exchange Commission earlier this month,...
HARTFORD, Conn.?Newly launched SPARTA Insurance Co. has been assigned an A- financial strength rating by A.M. Best Co. Inc. Hartford, Conn.-based SPARTA?an acronym for Specialty Program and Risk Transfer Alternatives?recently purchased Canton, Mass.-based American Employers Insurance...
WASHINGTON?U.S. senators have expressed ?serious concerns? about the management of WTC Captive Insurance Co. Inc. and the use of the captive?s $1 billion in federal funding. In a letter sent last week to Christine LaSala, WTC Captive?s president and chief executive officer, Senate Judiciary...
PEMBROKE, Bermuda?RenaissanceRe Holdings Ltd. and Endurance Specialty Holdings Ltd. on Monday reported separately a boost in profits for the first half of the year. At the same time, both Bermuda-based companies reported slight declines to gross written premiums for the first half. RenaissanceRe?s...
