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A team of  Edwards Angell Palmer & Dodge LLP lawyers representing Bank of America Corporation recently completed the sale of its commercial insurance brokerage, Banc of America Corporate Insurance Agency, LLC (“BACIA”), to Hilb Rogal & Hobbs Company (“HRH”). 

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Read More Bank of America Corp. Completes Sale of Its Commercial Insurance Brokerage

Edwards Angell Palmer & Dodge attorneys recently obtained dismissal of a $20,000,000 New York state court declaratory judgment action against American International Specialty Lines Insurance Company (AISLIC), an AIG-affiliated entity. 

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Read More New York State Court Dismisses Coverage Claim On Basis Of “Owned Property” Exclusion

In the wake of New York Superintendent Eric Dinallo’s announcement that New York was changing the rules surrounding collateral requirements for foreign reinsurers, it was reported last week that several other U.S. states are contemplating similar changes. 

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Read More Other States Contemplate Following N.Y.’s Lead to Change Foreign Reinsurer Collateral Requirements

Several members of Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department recently attended an interesting meeting with representatives of the Office of the Commissioner of Insurance of the Commonwealth of Puerto Rico. 

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Read More The International Insurance Center of Puerto Rico

For years, the IRS has attacked the tax treatment of insurance of captive insurance and their affiliates to preclude captive insurance companies from deducting payments to captive insurance companies as premiums and instead treat them as capital contributions. …
Read More If at First You Don’t Succeed…: The IRS’ Proposed Regulations Governing the Treatment of Captive Insurance Companies

On August 23, 2007, Louisiana Attorney General, Charles C. Foti, Jr. filed a lawsuit accusing over one hundred insurance companies of improperly denying Katrina related damages.  The action was brought on behalf of homeowners who are eligible to receive funds through the Road Home Program (“Program”). 

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Read More Louisiana AG Sues More Than One Hundred Insurance Companies Over Katrina-Related Damages

US law firm Edwards Angell Palmer & Dodge LLP (“EAPD”) and Kendall Freeman of London today announced a plan to merge effective January 1, 2008. 

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Read More Merger Plans Announced Between Edwards Angell Palmer & Dodge LLP and Kendall Freeman of London

Following the Red Sox sweep of the Colorado Rockies, some 30,000 fans of the Boston Red Sox can now follow the lead of Alex Rodriguez and opt out of paying for their furniture purchased in the spring. 

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Read More 30,000 Red Sox Fans Go To Bed Particularly Happy, At Prize Indemnification Insurer’s Expense

On October 26, 2007, Oregon AG Hardy Myers announced a settlement with ACE Group Holdings, Inc. and its subsidiaries (“ACE”) over allegations of improper, fictitious quoting and steering of insurance businesses.  The AG filed a stipulated judgment in Marion County State Circuit Court, in which ACE agreed to pay $4.5 million to a group of eight Attorneys General in settlement of their antitrust claims with no admission that ACE violated any laws. …
Read More Oregon Attorney General Settles State Antitrust Claims with Insurer