Canadian Underwriter

What’s new: In brief (June 20, 2004)

June 20, 2004   by Canadian Underwriter

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Anthony Clark International Insurance Brokers Ltd. has settled a previously disclosed lawsuit filed by James Bonfiglio claiming the company failed to honor a stock option agreement in October, 1998. In its 2003 yearend results, ACL reported a $515,000 judgement had been made against the company, but that it would appeal that judgement. The terms of the settlement are not disclosed, however, ACL says its “growth by acquisition” strategy going forward will not be impacted by the settlement. The company had made provisions for the judgement in its second quarter 2003 results.

Crawford Adjusters Canada has been retained to handle claims resulting from Royal Bank’s technological problems early in June. The bank says it will reimburse certain fees and charges resulting from a processing disruption which affected its systems between May 31 and June 4. However, the handle special situations related to non-banking costs and losses suffered by clients or other financial institutions, the adjusting firm will step in.

Lloyd’s underwriters have launched a suit against U.S. Aircraft Insurance Group claiming the aircraft insurer is liable for the defense of companies involved in a June 2000 television commercial shot in B.C., in which a helicopter pilot and three passengers were killed. Reuters reports the Lloyd’s underwriters filed suit in Los Angeles against USAIG and 10 of its member insurers. The companies involved in filming are HIS Productions, Omnicom Group Inc., TBWA/Chiat/Day and Nissan Motor Co. on behalf of whom Lloyd’s provided defense totaling US$2.2 million, Reuters reports.

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