PNC Bank Says Surplus Insurers Must Pay $ 106 Million In Jury Verdict



By Shane Dilworth (September 29, 2021, 3:58 p.m. EDT) – PNC Bank said in a lawsuit filed Wednesday in Pennsylvania federal court that five excess insurers had violated policies requiring them to cover a $ 106 million verdict in a lawsuit involving a Ponzi-like life insurance plan.

The bank claims in its lawsuit that the losses, which include $ 15 million in punitive damages, are covered by excess policies issued by Axis Insurance Co.; Arch Insurance Co., a unit of Chubb; underwriters at Lloyd’s of London; and Aspen Insurance UK Ltd.

The verdict at issue stems from a 2009 Missouri federal lawsuit brought by receivers from funeral contract seller National Prearranged Services Inc., or NPS, …

Stay one step ahead

In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas, and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.

  • Access to case data in articles (numbers, filings, courts, nature of prosecution, etc.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, requests, etc.
  • Create personalized alerts for specific case articles and topics and more!




Comments are closed.