Insurance Insolvencies

Developments continue for asbestos litigation – and insurance  coverage for asbestos claims. Warren Buffet’s companies already have been paid to take on an enormous share  of the US asbestos risk, including for London insurers and for domestic insurance companies such as CNA, and for AIG.   Buffet’s operations have  been subject to fierce criticism

This Mayer Brown Global Insurance bulletin includes an interesting but disturbing section on insurance insolvencies and swaps.  The gist is that some states are enacting statutes which in essence give some financial creditors a preferred position ahead of insureds when an insurer becomes insolvent. The preference is granted via statues which give legal effect to set-off

This article from a British newspaper reports that the UK government is trying to cut a deal with unions 1) to pay for more scientific research on cancer, and 2) require more compensation from insurers for asbestos victims, but without reinstating pleural plaques claiming. Apparently remaining insurers would be required to pay bills left behind by