July 28, 2014 12:35 AM ET

Insurance

Company Overview of American Home Assurance Company, Inc.

Company Overview

American Home Assurance Company, Inc. provides property and casualty insurance products. It offers unrivaled catastrophic risk-transfer solutions, and workers' compensation programs to small and mid-sized businesses. The company also provides extended services contract programs for consumer electronics, appliance, and computer retailers and manufacturers. In addition, it operates as a singular resource for wholesale brokers seeking commercial umbrella, and excess casualty insurance for specialty and difficult-to-place risks. American Home Assurance Company, Inc. serves construction, public entities, transportation, educational institutions, and general businesses. The company was founded in ...

175 Water Street

New York, NY 10038

United States

Founded in 1899

Phone:

212-458-5000

Fax:

212-458-5860

Key Executives for American Home Assurance Company, Inc.

President of AIG Specialty Workers' Compensation
Compensation as of Fiscal Year 2014.

American Home Assurance Company, Inc. Key Developments

Dismissal of Claims Against Insurer over Reimbursement of Repair Costs Denied

The U.S. District Court for the District of Maryland declined to dismiss an insured's claims against an insurer regarding reimbursement of repair costs incurred in settling underlying suits involving defective work. American Home Assurance Co. brought an action against KBE Building Corp., seeking a declaratory judgment that the insurance policies it issued to KBE did not require American Home to indemnify KBE for costs incurred in remediating allegedly defective work at two worksites at which KBE was the general contractor or for amounts KBE paid pursuant to settlement agreements with the owners of those worksites. KBE filed a counterclaim against American Home seeking a declaratory judgment that the insurance policies covered the claims, as well as damages under several contract, quasi-contract and tort theories. American Home moved to dismiss KBE's counterclaim. The district court denied American Home's motion as to KBE's promissory estoppel and quantum meruit claims. The court agreed with American Home that KBE could not recover on quasi-contractual grounds if there was an express contract governing the claim. However, where the terms of a contract are in dispute, parties can make alternative pleadings with both contractual and quasi-contractual theories. That was what KBE did in this case. KBE claimed it and American Home entered into a contract in November 2009 under which KBE was entitled to payment for its remediation efforts. American Home disputed the existence of the November 2009 contract and disputed that the insurance policies covered the reimbursements KBE sought. If no valid contract was formed or the existing insurance policies did not cover the work for which KBE sought reimbursement, KBE could still be able to recover on a quasi-contractual theory. It was thus not appropriate to dismiss KBE's quasi-contractual claims simply because KBE also pleaded contractual claims. The district court also denied American Home's motion as to KBE's breach of the covenant of good faith and fair dealing and negligence claims. Because the outcome likely differed depending on which state's law controlled, the district court had to conduct a choice of law analysis before deciding if KBE stated a claim. The court found such an analysis would be better served after discovery ended.

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Recent Private Companies Transactions

Type
Date
Target
Private Placement
December 20, 2013
Arthur J Gallagher & Co.
 

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