Company Overview of XL Specialty Insurance Company
XL Specialty Insurance Company offers insurance products in the aerospace, marine, equine, fine arts and specie, environmental and professional liability lines. The company was formerly known as Intercargo Insurance Company and changed its name to XL Specialty Insurance Company in November 1999. The company was incorporated in 1979 and is based in Stamford, Connecticut. XL Specialty Insurance Company operates as a subsidiary of XL Reinsurance America, Inc.
70 Seaview Avenue
Stamford, CT 06902-6040
Founded in 1979
Key Executives for XL Specialty Insurance Company
Officer and Class Underwriter
Assistant Vice President and Class Underwriter
North American Regional Manager for Aviation Unit
Compensation as of Fiscal Year 2014.
XL Specialty Insurance Company Key Developments
XL Specialty Insurance Company Pays $19 Million in Dewey & LeBoeuf LLP Mismanagement Settlement
May 31 13
XL Specialty Insurance Company will pay $19 million as part of a settlement agreement to resolve mismanagement claims stemming from the bankruptcy of Dewey & LeBoeuf. The settlement agreement was approved May 30, 2013 by a New York federal court judge and releases XL and Dewey's excess insurers from 'any and all liability' based on, among other things, wrongful acts. The law firm had a management liability and company reimbursement policy from XL with a $25 million aggregate limit of liability, inclusive of defense expenses. The policy was in force when the firm filed for bankruptcy in 2012. Dewey & LeBoeuf was known for representing some of the insurance companies. At its height, Dewey & LeBoeuf employed more than 1,000 lawyers in 26 offices around the world. After the firm went bankrupt, its creditors claimed they are owed hundreds of millions of dollars, with being the Pension Benefit Guaranty Corp. As part of the settlement agreement the firm's former chairman, Steven H. Davis, will pay $511,145 to cover non-covered claims against him. Prior to its bankruptcy filing, the firm removed Davis from his role as chairman amid a Manhattan district attorney criminal probe into his alleged financial improprieties. Davis denies any wrongdoing in the matter. The trustee handling the fir's liquidation is settling with Davis and XL to avoid the expense and uncertainty of litigation, which would entail millions of pages of documents, and more than 100 depositions. The policy limits of the XL policy would quickly erode with prolonged litigation. The company had no comments beyond the settlement agreement.
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