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The company at the center of the opioid crisis is now struggling to renew casualty cover expiring 1 October.
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Supply chain sub-contracting agreements are watering down liability cover, according to some insurance executives.
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The company filed for bankruptcy after a fire tore through a Philadelphia refinery on 21 June.
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State officials advised carriers to settle claims swiftly or face "disciplinary action".
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More than 20 other carriers are still pursuing the case, including Markel, Chubb and Munich Re.
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DropIn founder Louis Ziskin explains how his InsurTech can slash claims costs and curb fraud.
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The proposal would provide less than half of what insurers are seeking.
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The current litigation environment is worse than Travelers expected, the executive said at a conference.
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The executive said the carrier is moving towards “balance between underwriting and investment”.
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William Berkley said a continued uptick in jury awards would apply sustained pressure on the casualty and PI markets.
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The P&C program specialist is led by co-founders Erik Matson and David Paulsson.
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The drugs and consumer goods giant must pay $572mn in damages, but is appealing the judgment.