July 30, 2014 9:54 PM ET

Insurance

Company Overview of AIG Specialty Insurance Company

Company Overview

AIG Specialty Insurance Company offers property and casual insurance products and services. The company is based in New York, New York. Chartis Specialty Insurance Company was formerly known as American International Specialty Lines Insurance Company, Inc. and changed its name to Chartis Specialty Insurance Company in November 2009. Chartis Specialty Insurance Company operates as a subsidiary of National Union Fire Insurance Company of Pittsburgh PA. AIG Specialty Insurance Company operates as a subsidiary of AIG Property Casualty U.S., Inc.

70 Pine Street

New York, NY 10270

United States

Phone:

212-770-7000

Fax:

212-458-7085

Key Executives for AIG Specialty Insurance Company

AIG Specialty Insurance Company does not have any Key Executives recorded.

AIG Specialty Insurance Company Key Developments

National Union Fire Insurance Co. of Pittsburgh and American International Specialty Insurance Co. Files a Lawsuit

National Union Fire Insurance Co. of Pittsburgh and American International Specialty Insurance Co. filed a lawsuit alleging they do not owe coverage for pollution damages caused by a sinkhole in Louisiana. The insurers provided commercial liability policies to Texas Brine Co. L.L.C. between 1991 and 2009. The underlying litigation arose against Texas Brine-alleging pollutants were released from a sinkhole on company premises. The sinkhole and release caused a mandatory evacuation of the area. The insurers claim that their policies do not provide coverage for pollution. They also allege that the damages in question occurred outside the policy periods.

Wisconsin Reaches A $774,000 Settlement Resolving Claims Against Agro Distribution, LLC, Agriliance LLC & Chartis Specialty Insurance Co

Wisconsin has reached a $774,000 settlement resolving claims the state made against Agro Distribution, LLC, Agriliance LLC, their insurer Chartis Specialty Insurance Co., and others. The settled claims were related to an environmental cleanup of a former fertilizer center at Edgerton, Wisconsin. Agro Distribution and Agriliance paid the costs of cleaning the site, then sought and received reimbursement for those costs from the Agricultural Chemical Cleanup Program Fund (ACCP Fund). The ACCP fund, administered by DATCP, provides partial reimbursement for agricultural chemical cleanup costs that insurance does not pay. After auditing the defendants' claims, DATCP disputed the accuracy of the Agro/Agriliance applications, demanded that they return money to the ACCP fund, and asserted claims against their insurer. Under the settlement agreement, Agro, Agriliance, and Chartis will pay $550,000 into the ACCP fund. In addition, Agro and Agriliance will forego an additional $224,000 that the ACCP fund would otherwise pay to the defendants as reimbursement for cleanups at other sites; the payments foregone will support current remediation projects in Wisconsin. The settlement also provides that Agro and Agriliance may not apply for any other remediation costs at the Edgerton site. Defendants do not admit liability and deny any fault in the matter.

Chartis Specialty Insurance Co. to Pay $1.8 Million to One of its Insurers

Chartis Specialty Insurance Co. is a defendant in a lawsuit that alleges it breached an insurance agreement by failing to pay $1.8 million to one of its insurers. Chartis issued a policy to JetPay Merchant Services L.L.C. in June 2011. JetPay provides credit card and check processing. The suit alleges that JetPay is often required to pay chargebacks to customers in situations where an order is not delivered by the vendor. The suit alleges that JetPay suffered a $1.8 million loss because one of its vendors went out of business, resulting in voluminous chargebacks. Chartis allegedly provided insurance for this type of loss but failed to pay pursuant to the policy. The suit seeks damages for breach of contract and misrepresentation, and also asks for interest and attorneys' fees.

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