Unicover

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    New Unicover lawsuits

    US and Canadian insurers this month started three new legal actions that will help to determine who will pay for the huge losses associated with the Unicover workers' compensation insurance pool. Sun Life Assurance Co. of Canada announced it had started arbitration to void Unicover-related reinsurance contracts, Phoenix Home Life Mutual Insurance Co. filed a lawsuit in the United Kingdom in an attempt to force a broker, Rattner Mackenzie, to reveal more information about Unicover and it is also believed that Lincoln National Life has filed a suit.

    Ultimate irony: Hannover Re stock downgraded by Goldman Sachs

    Hannover Re's purchase of the Clarendon insurance group is already causing the German reinsurer problems. On April 1, less than five weeks after the deal was completed, Hannover Re's stock was downgraded by investment bank Goldman Sachs due to concerns over Clarendon's exposure to the now infamous Unicover reinsurance pool.