asbestos and environmental claims News

The Hartford Signs $1.5 Billion Reinsurance Deal Covering Asbestos Liability

The Hartford has signed a reinsurance agreement effective Dec. 31, 2016 with National Indemnity Co. (NICO), a subsidiary of Berkshire Hathaway Inc., for a $1.5 billion aggregate excess of loss reinsurance agreement covering certain of The Hartford’s asbestos and environmental …

Former New Jersey Lawyer Gets 2 Years for Falsifying Asbestos Suits

A former New Jersey lawyer has been sentenced to serve two years in federal prison after admitting he fraudulently added defendants to more than 100 asbestos lawsuits in New York. Federal prosecutors say Arobert Tonagbanua deleted the names of actual …

U.S. Insurers Still Funding Asbestos, Environmental Liabilities: A.M. Best

The current estimate of net asbestos losses for the U.S. property/casualty industry remains at $85 billion, with net environmental losses estimated at $42 billion, according to a new Best’s Special Report. According to the Best’s report titled “U.S. Insurers Continue …

Liberty Mutual Inks Reinsurance Deal with Berkshire’s National Indemnity

Liberty Mutual Insurance said it has reached a deal with National Indemnity Co. (NICO), a subsidiary of Berkshire Hathaway Inc., on a combined aggregate adverse development cover for substantially all of Liberty Mutual’s U.S. workers’ compensation, asbestos and environmental liabilities. …

Best Upgrades Ratings for Most ACE Limited Subsidiaries; Outlooks Stable

A.M. Best has upgraded the financial strength rating (FSR) to ‘A++’ (Superior) from ‘A+’ (Superior) and the issuer credit ratings (ICR) to “aa+” from “aa” of the North American property/casualty subsidiaries of ACE Limited, which is based in Zurich, Switzerland, …

Insurers’ Annual Incurred A&E Losses Rose 12% in 2012: A.M. Best

While generally not a material drag on the U.S. property/casualty industry’s earnings, industry losses from asbestos and environmental (A&E) claims resumed an upward climb in 2012, according to a new A.M. Best Co. report. The report said annual incurred A&E …