February 01, 2015 12:17 AM ET

Insurance

Company Overview of The Standard Fire Insurance Company

Company Overview

The Standard Fire Insurance Company provides property and casualty insurance services. The company was incorporated in 1905 and is based in Hartford, Connecticut. The Standard Fire Insurance Company operates as a subsidiary of Travelers Insurance Group Holdings, Inc.

One Tower Square

Hartford, CT 06183

United States

Founded in 1905

Phone:

860-277-0111

Fax:

860-277-7002

Key Executives for The Standard Fire Insurance Company

Chief Financial Officer
Age: 61
Executive Vice-President and Vice Chairman
Age: 78
Chief Investment Officer
Age: 65
Vice Chairman and Chief Legal Officer
Age: 48
Compensation as of Fiscal Year 2014.

The Standard Fire Insurance Company Key Developments

Standard Fire Insurance Co., HiRise Engineering PC and Others Face Lawsuit

Standard Fire Insurance Co., HiRise Engineering PC and others are facing a lawsuit filed by homeowners alleging that altered engineering reports were used to process insurance claims related to Hurricane Sandy. Two New York homeowners filed the complaint on their own behalf and on behalf of a class of others whose flood damage claims were denied in whole or in part based on the allegedly altered reports. The suit claims that the incentive structure for the Federal Emergency Management Agency's National Flood Insurance Program allows insurers, engineering firms and other claim handlers to profit from incurring additional expenses and extending the claims-handling process, allowing manipulation of reports to justify rejecting or underpaying damages.

The Travelers Indemnity Company Reaches Settlement with Policyholders Who Owned Property in Louisiana Damaged by Hurricane Katrina or Rita

A proposed Settlement has been preliminarily approved by the court in Arthur v. The Standard Fire Insurance Co. and The Travelers Indemnity Co., No. 09-7332 in the U.S. District Court for the Eastern District of Louisiana. The Complaint alleges that Travelers' handling of claims arising out of the events above caused Class Members to receive fewer benefits than those to which they were entitled. Travelers denies all claims and liability stated in the Complaint. Class Members are included they had any loss, damage, destruction, or harm to property in Louisiana, the loss or damage was related to Hurricane Katrina and/or Rita, and at the time of the loss, they had an insurance policy with Travelers. Travelers will pay $2 million into a Settlement Fund that will provide money to eligible Class Members as described in the Settlement Agreement. Travelers also will pay separately attorneys' fees and expenses, and the costs for notice and administration. Class Counsel will request that the Court award attorneys' fees and expenses of $425,000. Some Class Members will receive a detailed notice in the mail about the Settlement and don't need to do anything to participate in the Settlement. Class Members who do not receive a notice in the mail must submit a claim by June 8, 2013. Class Members who wish to be excluded from the Settlement must submit a written request postmarked by June 8, 2013. If they exclude themselves, they will not receive any money and keep the right to sue Travelers at their own expense. Class Members who do not exclude themselves give up the right to sue Travelers. Class Members who want to object but stay in the Settlement must submit a written objection postmarked by July 3, 2013. If the Settlement is approved and the objection is rejected, they will be bound by all Court orders. Class Members may attend the Fairness Hearing on August 2, 2013, at 9:30 a.m. at the U. S. District Court for the Eastern District of Louisiana, 500 Poydras Street, New Orleans, LA 70130. Class Members who want to speak at the hearing must submit a written request postmarked by July 3, 2013.

Unanimous Supreme Court Slams Shut Procedural Loophole For Class-Action Plaintiffs

The United States Supreme Court issued a decision affecting class-action cases by limiting plaintiffs' ability to use a procedural loophole in their search for a favorable court. The Supreme Court unanimously ruled in The Standard Fire Insurance Company versus Knowles that class-action plaintiffs cannot evade removal to federal court by stipulating, pre-certification, that they seek damages less than the jurisdictional threshold required for removal. In Knowles, the plaintiff filed a class action in Arkansas state court against Standard Fire Insurance Company, alleging that Standard Fire had unlawfully failed to include a general contractor fee in certain homeowner insurance loss payments and seeking to certify a class of hundreds, if not thousands, of similarly situated Arkansas policyholders. The Court further agreed with Knowles that stipulations to damages likely simplified the valuation of amounts in controversy in class actions, but found that ignoring the nonbinding stipulation only required judges to do what they would do in all those cases in which there is not a stipulation.

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