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Reinsurers seek to avoid $30 m-plus claims by chemicals manufacturer

Fourteen reinsurers, including four based in Bermuda, has brought a legal action against a New York Stock Exchange listed chemicals manufacturer and its captive insurer in an attempt to avoid paying claims totaling more than $30 million arising from Hurricane

ACE subsidiary sued over business interruption claim

A US subsidiary of ACE Ltd. is being sued for allegedly refusing to satisfy a business interruption claim totaling $523,000.Details are contained in a civil complaint that was filed by Texas based Gulf Coast Asphalt Co. LLC against ACE American

Bermuda insurers attempt to force arbitration on NYSE-listed firm

Reinsurers in Bermuda and elsewhere are seeking to force a Vermont based captive and its NYSE listed parent to arbitrate a dispute involving claims from a fire at a chemical manufacturing plant.A motion to compel arbitration was filed against International

Tyson Foods seeks $113 m in Hurricane Katrina claims

Giant meat processor Tyson Foods, Inc. is seeking damages of more than $113 million in litigation and arbitrations against insurers in Bermuda and elsewhere for alleged property damage and business interruption losses caused by Hurricane Katrina on August 29, 2005.Details

Bermuda insurers sued in $350 m-limit policy dispute

A New Jersey based manufacturer has sued several insurers, including two that are incorporated in Bermuda, in an attempt to enforce a $350 million limit insurance policy.Formosa Plastics Corporation USA claims they have breached the terms of the contract concerning

ACE subsidiaries settle class action for $14 m

Four subsidiaries of ACE Ltd. have agreed to pay $14 million to settle a class action lawsuit filed in the United States on behalf of 900 firms that bought 1,100 workers' compensation policies from 1997 to 1999.A settlement was announced on July 28, 2004 by lead class attorney Joseph Roda, of RodaNast P. C., and came after four years of litigation and on the eve of trial.