Warren Buffet’s much loved "float" is finally receiving some scrutiny, at least as to the asbestos-generated float. For years, anyone well-versed in asbestos watched various shell games among various insurers as they sought to avoid the sting of asbestos litigation. One of the biggest collective player of all – the London insurers – took one of the big steps with the creation of a chimera known as "Equitas." Later, Equitas ultimately used Buffet to put in an allegedly final barrier of reinsurance.
Today, Warren Buffet and his Berkshire insurance entities are the biggest player in asbestos insurance. And within the asbestos community, the reputation is that they delay, deny, and defend. The biggest vehicle for the tactic is known as Resolute. Current defendants that cannot claims paid by Resolute are not happy.
Now, Scripps and others are starting to put some focus on the reality that Resolute and others fail to pay claims in good faith. A new article by Mark Greenblatt is here and collects some of the verdicts and claims stories in cases in which insureds and victims have argued and won on claims that actions by the Berkshire companies cannot be squared with the duty of good faith and fair dealing implied in every contract.