July 13, 2014 3:14 AM ET

Insurance

Company Overview of QBE Specialty Insurance Company

Company Overview

QBE Specialty Insurance Company offers insurance services. The company provides general liability for owners and managers of habitational realty. The company offers services that include accident and health, property, multi line, personal and commercial auto, trade credit, surety, and workers compensation. The company is based in New York, New York. QBE Specialty Insurance Company operates as a subsidiary of QBE Insurance Group Ltd.

Wall Street Plaza

88 Pine Street

16th Floor

New York, NY 10005

United States

Phone:

212-422-1212

Fax:

212-422-1313

Key Executives for QBE Specialty Insurance Company

Compensation as of Fiscal Year 2014.

QBE Specialty Insurance Company Key Developments

QBE Specialty Insurance Company, Wells Fargo Bank and Wells Fargo Insurance, Inc. Settle Lender-Placed Lawsuit for $19.25 Million

QBE Specialty Insurance Company, Wells Fargo Bank and Wells Fargo Insurance, Inc. are settling for up to $19.25 million a class-action federal lawsuit in Florida over lender-placed insurance, a product that has faced legal and regulatory scrutiny in recent years. Settlement papers were filed May 13, 2013 and a judge needs to approve them. The case has been in litigation for two years and, according to the settlement papers, is the only recent certified class-action suit dealing with lender-placed insurance, which is also known as force-placed insurance. Separate from the settlement are attorneys' fees and costs, which could be as much as $5.5 million. A judge needs to approve that amount, too. There is also $20,000 in class representative awards that could be paid out, according to the settlement papers. The original plaintiffs filed suit alleging lender-placed insurance premiums are excessive and include undisclosed and unearned commissions, the suit said. It also alleged certain tracking expenses were illegally included in the lender-placed insurance premiums. QBE and Wells Fargo deny all the allegations made against them and do not admit to anything in settling the case. The settlement amount is 25% of the premiums paid by members of the class. The settlement also includes to provide a 25% premium credit to those who have been billed but not yet paid. Records show lender-placed insurance premiums paid by the class amounted to about $77 million. The value of refunds and credits has been estimated to be as high as $19.25 million.

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