According to court documents, hundreds of homeowners in Florida will now be sharing $55 million from a settlement of a tainted Chinese drywall lawsuit, which accused the global distributor of the product of lying about its safety. Banner Supply Co., as well as its insurers and affiliates will be funding the settlement to the homeowners. According to the attorney for the plaintiff’s spokesperson, the settlement money will be shared among 500 to 800 homes which had received their drywall from the company. The insurance companies involved are Hanover American Insurance…
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AIG takes a hit in the fourth quarter
The American International Group is reporting, in the fourth quarter, the company will have to take a charge back of over $4 billion in order to secure reserves on what they call long-tail insurance policies. These policies were sold by the company’s Chartis branch which offers property and casualty coverage. The boost is due, in part, to the rising cost of claims and risk management. These long-tail claims generally can take years to resolve and accrue heavy price tags during that period. There are concerns that AIG has been favoring…
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