Vesta Finalizes Litigation with Cincinnati Co.
Alabama-based Vesta Insurance Group announced that it has settled its claim made in 1998 under the previous directors and officers liability insurance policy issued by Cincinnati Insurance Company for $16 million in cash, and all other claims in the litigation with Cincinnati Insurance Company have been dismissed and the litigation has been terminated.
In addition, Vesta has entered into a new $30 million credit facility with First Commercial Bank of Birmingham, Ala. The agreement, which matures no earlier than June 30, 2005, replaces the previous credit facility with First Commercial.
Vesta, which previously owned 73 percent of American Founders Financial Corporation, also announced it has purchased the remaining 27 percent ownership from the minority owners for $12.9 million.
- Insurers Get Green Light to Pay Less Than Billed Charges in Florida PIP Cases
- Jury Awards $80M to 3 Former Zurich NA Employees for Wrongful Termination
- Warren Buffett’s PacifiCorp Now Faces $30 Billion Fire Claim Demand
- Chubb CEO Greenberg: Some Financial Lines Underwriting Practices ‘Simply Dumb’
- California Chiropractor Sentenced to 54 Years for $150M Workers’ Comp Scheme
- Work Safety Group Releases List of ‘Dirty Dozen’ Employers
- Poll: Consumers OK with AI in P/C Insurance, but Not So Much for Claims and Underwriting
- Millions of Recalled Hyundai and Kia Vehicles, With Dangerous Defect, Remain on Road