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, …
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