Business Services Industry
Late News.(Business insurance news briefs)
Business Insurance, May, 2003
KWELM runoff could end by 2006 The administrators of the KWELM companies said they hope to complete the runoff of the five defunct London-market insurers within the next three years, which is about 10 years ahead of the original schedule. The KWELM companies paid $335 million in claims last year, bringing the total claims payout to more than $3.0 billion since the runoff began in 1993, KWELM administrators Chris Hughes and Ian Bond said in a statement.
The KWELM companies mainly wrote U.S. casualty and liability business between 1972 and 1990. Hearings held on class action reform The House Judiciary Committee is expected to vote on class action reform legislation this week. The committee held a hearing on the Class Action Fairness Act-H.R. 1115-May 15. The...
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