In an article appearing in Law360, Hunton & Williams insurance partner, Michael Levine, weighs in on Office Depot’s pending Ninth Circuit appeal of a district court ruling that Office Depot is not entitled to coverage for a California False Claims Act case alleging that the office supply chain overbilled public agency customers.  The decision

In prior posts (here and here), we have highlighted some potential coverage concerns for losses arising out of the use of blockchain technology. However, as previously reported, Blockchain technology’s relevance to insurance is not limited to coverage for losses. In fact, earlier this week, the Blockchain Insurance Industry Initiative known as B3i expanded its membership to include heavyweight insurance companies like Chubb, AIG, and Gen Re as well as notable insurance and reinsurance brokers like Marsh, Guy Carpenter, Willis Re, and JLT Re.

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The Ninth Circuit in Teleflex Medical Incorporated v. National Union Fire Insurance Company of Pittsburgh PA, No. 14-56366 (9th Cir. Mar. 21, 2017) affirmed a jury verdict finding that AIG must pay $3.75 million in damages plus attorneys’ fees to cover LMA North America, Inc.’s (“LMA’s”) settlement with its competitor over allegedly disparaging advertisements that characterized a competitor’s products as unsafe.

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On March 31 and April 15, we wrote blog posts (which can be accessed here and here) about a D.C. federal judge’s decision to rescind MetLife’s systematically important financial institution (SIFI) status. On October 24, a D.C. Circuit three-judge panel heard oral argument of the appeal of that decision. The federal government advocated to reinstate MetLife’s “too big to fail” designation by arguing that regulators were not required to prove the insurance giant was likely to collapse before imposing enhanced federal oversight. Conversely, attorneys for MetLife argued that the Financial Stability Oversight Council (FSOC) acted arbitrarily by not partaking in any threshold analysis of how MetLife would be vulnerable to a financial collapse.

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Insurance-giant American International Group (AIG) announced that it will be the first insurer to offer standalone primary coverage for property damage, bodily injury, business interruption, and product liability that result from cyberattacks and other cyber-related risks. According to AIG, “Cyber is a peril [that] can no longer be considered a risk covered by traditional network

Yesterday, a federal judge in the District of Columbia rescinded a regulatory order designating MetLife as a systemically important financial institution (“SIFI”). In December 2014, MetLife joined AIG and Prudential as the only insurance companies designated as SIFIs – a designation that subjected the insurers to additional regulation by the Federal Reserve and additional capital

On February 11, 2016, New Jersey’s highest court held that National Union Fire Insurance Co. of Pittsburgh, Pennsylvania, (“National Union”) could refuse coverage for Templo Fuente De Vida Corp. and Fuente Properties Inc.’s settlement with policyholder First Independent Financial Group under a “claims-made” directors and officers policy because First Independent did not provide notice “as soon as practicable.”

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