A $75 million breach of contract lawsuit stemming from the sale of the Clarendon Insurance Group to Hannover Re in 1999 has been settled just 18 days before the start of trial. The complaint by former Clarendon principals Ralph Milo and Robert D. Ferguson against Lion Holding Inc., a Delaware corporation, was dismissed with prejudice at the U. S. District Court for the Southern District of New York on March 13, 2008, with each party bearing its own costs and attorneys' fees. There is nothing in the court records to indicate whether any money changed hands as part of the settlement.
Ralph Milo and Robert Ferguson seek $25 m from reinsurers for ‘interference’ with Clarendon sale to Hannover Re
Parties who sold the Clarendon Insurance Group to Hannover Re in 1999 had to accept $25 million less than an agreed price because two reinsurers stopped paying claims during sale negotiations, it has been alleged. The reinsurers, The John Hancock