Insurance and investments firm Lincoln Financial Group said Friday it has acquired Boston-based Liberty Life Assurance Co. from Liberty Mutual Insurance Group for $3.3 billion.
Over the last year, the existential risk posed by cyberattacks and data security vulnerabilities has become one of the top concerns for boards of directors, management, government agencies and the public. 2017 was punctuated by a series of headline-grabbing breaches, fast-moving regulatory developments around the globe, and record-breaking settlements by companies, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.
While 2017 was a relatively quiet year on the regulatory front for life settlements, Delaware and Florida adopted major legislative reforms that will affect the industry. Adjustments to the federal income tax code at the end of the year also brought some important changes, say Brian Casey and Thomas Sherman of Locke Lord LLP.
The European Securities and Markets Authority said Friday that some equities and bonds will be subject to transparency rules required by sweeping new EU-wide financial regulation — including trades that took place before the rules were launched this month.
A British insurer has won its case at the High Court in London against a driver who falsely claimed his Range Rover had been involved in a collision with a car insured by the company, although the judge awarded only a fraction of the damages sought.
In the early days of the residential mortgage-backed securities and repurchase litigation that followed the 2008 crisis, plaintiffs’ strategy of proving their allegations through statistical sampling was highly successful. However, in recent years, a new trend has emerged, say attorneys with Buckley Sandler LLP.
Barclays Bank PLC hit back on Friday against criticism that its impending restructuring could expose the lender’s pension insurance scheme, which is already running a £7.9 billion ($11 billion) deficit, to greater levels of risk.
The Financial Conduct Authority warned insurers on Friday they will have to go beyond the minimum requirements in new rules from Brussels on policy sales, and may also need to obey requirements similar to those in the European Union's sweeping securities regime.
Three of Britain's biggest banks said they have set up emergency funds totaling £225 million ($312 million) to support small business hurt by the collapse of construction giant Carillion PLC.
MetLife Inc. and the government on Thursday agreed to end an appeal of a judge’s order releasing the insurer from its status as a systemically important financial institution, ending a fight that fizzled after the Trump administration started easing regulations put into place after the financial crisis.
Nutiva Inc. urged a California federal judge Thursday to find that West American Insurance Co. and two other insurers must defend the food company against a putative class action alleging Nutiva misbrands its coconut oil as healthful, arguing the claims are covered by a “bodily injury” provision in the policy.
An Iowa federal court has ruled that Liberty Mutual Insurance Co. must foot the bill for Pella Corp.’s defense as the window maker fights dozens of product liability claims, a decision that ends one phase of the companies' contentious dispute and potentially unlocks millions in coverage for Pella.
The U.S. House of Representatives on Wednesday approved a short-term spending bill to keep the government funded for several more weeks, but the threat of a government shutdown loomed as the bill moved to the Senate, where passage remains uncertain.
Outpatient surgical center Marion HealthCare LLC on Wednesday hit back at claims that it improperly filed confidential information in its Illinois antitrust suit against Southern Illinois Healthcare, blaming the hospital chain for the accidental disclosure of contract information.
A California federal judge Thursday stuck with his decision to allow Disney to arbitrate with AIG over $25 million in coverage toward a settlement with a beef products company over an ABC report on “pink slime,” shooting down the insurer’s bid to vacate his earlier decision.
The Ninth Circuit ruled Wednesday that an insurer must defend an insurance-brokerage policyholder against employment-related claims because the underlying suit included discrimination allegations potentially covered by the policy, however minor or tangential those claims might be.
Sureties have surety defenses which sometimes allow them to disclaim coverage under performance bonds. However, this often requires a long and lengthy litigation in which the surety must sustain multiple burdens of proof, says Gary Strong of Seiger Gfeller Laurie LLP.
London-based insurance startup Marshmallow said Thursday that it is locked in a "David versus Goliath" trademark dispute over its name with 145-year-old insurance broker Marsh Ltd..
Two insurance partners have been poached to join the professional and financial disputes group at the London office of global law firm Clyde & Co.
The Financial Conduct Authority fought back on Thursday against claims by lawmakers that its efforts to protect members of the 125,000-strong British Steel Pension Scheme from “parasitic” financial advisers had been “grossly inadequate.”
Insurance attorneys will be closely watching key environmental remediation coverage cases in 2018, including a battle at the California Supreme Court over the prerequisites for a pesticide manufacturer to tap into excess policies and an insurer's request for Pennsylvania's high court to ax a ruling expanding a chemical maker's cleanup coverage.
The European Securities and Markets Authority floated plans on Thursday to restrict or ban the sale of risky “contract-for-difference" products and binary options to retail customers, asking the industry to respond by next month.
International insurance broker Aon PLC has thrown its weight behind a proposal to introduce new U.K. pensions that would offer “ambitions” for the amount they pay out to retirees rather than promising them specific returns.
A Pennsylvania federal judge refused Wednesday to dismiss a suit seeking a declaration that Homeland Insurance Co. has no duty to help out a behavioral-health facility hit with an $11 million verdict after a patient left and shot someone, saying the claims are sufficiently pled at this stage.
Aetna has agreed to pay $17 million and implement new "best practices" for handling policyholders' sensitive data in litigation matters to resolve a consolidated putative class action accusing the insurer of negligently exposing HIV-related information through window envelopes mailed to roughly 12,000 people, according to documents filed Tuesday in Pennsylvania federal court.