XL Insurance May Recover $ 1 Million From AIG Unit In D&O Dispute

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Law360 (July 15, 2021, 9:18 p.m. EDT) – XL Specialty Insurance Co. can recover from AIG Specialty Insurance Co. $ 1 million in excess coverage that XL paid to defend and settle a loan dispute, a ruling ruled California federal judge, saying that an AIG policy applied to the defense costs of directors involved in the litigation.

U.S. District Judge Virginia A. Phillips said on Tuesday that AIG had failed to demonstrate that its policy exclusions with a cosmetics company were preventing costs incurred by members of the company’s board of directors from being covered. as defendants in a loan deal gone bad.

After AIG exhausted an initial limit of $ 10 million in its …

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