Galveston, Texas-based American National Insurance Company and its subsidiaries American National Property and Casualty Company and American National General Insurance Company plan to fight a jury verdict in a case related to the deflection of another company’s insurance agents.
Utah jury awarded compensatory damages of $3,606,214, jointly and severally to other defendants. The verdict also included a separate verdict for punitive damages of $60 million, a multiple of over 16 times, American National reported.
American National Insurance Company, American National Property and Casualty Company and American National General Insurance Company intend to ask the United States District Court for the District of Utah for a retrial of all issues.
The companies said they believe the verdict is excessive and the punitive damage award bears no correlation to compensatory damages, is unconstitutional and violates the Due Process Clause of the United States Constitution and decisions of the U.S. Supreme Court.
Source: American National Insurance Company, www.anico.com.
Was this article valuable?
Here are more articles you may enjoy.
Sources: US Treasury to Consult With Insurance Regulators on Private Credit Lenders 
Depreciation on ACV Is OK, Court Says in Knocking Down Class Action vs. Cincinnati 
Tennessee Approves Smallest Drop in Workers’ Compensation Costs in Years 
Public Adjuster Accused of Swiping $600,000 in Hurricane Ian Insurance Payments 
