White Mountains Insurance Group and subsidiary OneBeacon Insurance have settled a $185 million lawsuit with the Robert Plan Corp. for an undisclosed amount, a White Mountains Insurance spokesman said.
“The entire case has been settled,” David Foy, spokesman for the Hanover, N.H., financial services holding company, said in an e-mail.
Foy didn’t give details about the settlement, and officials at the Robert Plan, a Bethpage, N.Y., insurance servicer and underwriter, were not immediately available to comment.
Robert Plan officials filed the lawsuit against White Mountains Insurance and some of its subsidiaries in May 2002 for allegedly misappropriating confidential information about their company.
White Mountains Insurance allegedly used this data to enter the New York automobile assigned-risk business, competing with the Robert Plan.
The $185 million in damages the Robert Plan sought allegedly covered profits lost over two years because of White Mountains Insurance’s actions, according to a Securities and Exchange Commission filing in March.
A White Mountains subsidiary, OneBeacon Insurance of Boston, also filed a $9 million counterclaim against the Robert Plan for allegedly breaching a “limited assigned distribution” servicing contract.
In a filing with the SEC on Monday, White Mountains Insurance said OneBeacon settled its pending litigation against the Robert Plan on June 8. However, Foy said that the entire dispute between White Mountains Insurance and its subsidiaries and the Robert Plan has been settled.
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