Zurich Financial Services Group has released its estimates regarding the Farmers Re and Zurich North America losses resulting from the $295 million in aggregate claims as a result of April and May’s severe weather events in the United States. The data represents only the net of reassurance estimate before tax, but this will be included into the mid-year results which will be released on August 11. The losses from April and May are related mainly to the American Southeast and Midwest regions where there were a large number of hail…
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Homeowners in Florida share $55 million settlement of tainted Chinese drywall lawsuit
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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