STORY FROM: Reinsurance & Arbitration
Universal, Hartford Battle Over Coverage for Securities Settlement
April 8, 2008
SAN JUAN, P.R. - A $5 million action involving reinsurance coverage for the 2007 settlement of securities fraud class actions against Doral Financial Corp. was removed to Puerto Rico federal court on March 14. Universal Insurance Co. v. Hartford Fire Insurance Co., No. 3:08-cv-01316-JP (D. P.R.).
The suit, filed by Universal Insurance Co. against Doral and reinsurers Hartford Fire Insurance Co. and Liberty Mutual Insurance Co., is pending before Judge Jaime Pieras Jr. of the U.S. District Court for the District of Puerto Rico.
In 2003, Universal issued a one-year excess follow form directors' and officers' liability policy to ...