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25 September 2018Insurance

AXIS files lawsuit to avoid paying Weinstein defence under D&O policy

AXIS Surplus Insurance, a subsidiary of AXIS Capital, will go to court to argue it does not have to cover the defence costs of filmmaker Harvey Weinstein in connection with pending civil and criminal litigation, which includes two rape charges, under a directors and officers policy.

The insurer will argue that its D&O policy, issued to Walt Disney Miramax, should not be used to cover the alleged sexual assaults because they are personal in nature and not covered under the D&O policy.

Insurer Chubb has also been in dispute with Weinstein on a similar matter.

“Axis has no obligation to provide defense or indemnity coverage to Weinstein in connection with certain criminal and civil matters asserted against Weinstein and tendered to Axis under a primary directors and officers policy issued to The Walt Disney Company for the period October 1, 2017 to October 1, 2018,” said the original complaint.

The Axis lawsuit is pending before Judge Denise Louise Cote, of the US District Court for the Southern District of New York. A pretrial hearing is set for October 19.

“Axis seeks a declaration that the various matters tendered to Axis for coverage do not fall within the scope of the coverage afforded by the insuring agreements of the policy under which Weinstein seeks coverage and that coverage for the tendered matters is precluded by California Insurance Code,” the complaint said.

The Axis D&O policy, issued to Walt Disney and Miramax, has a maximum aggregate limit of liability of $25 million, the complaint said.

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More on this story

Insurance
10 October 2018   Fitch Ratings has affirmed the 'A+' (Strong) Insurer Financial Strength (IFS) ratings of the operating subsidiaries of AXIS Capital Holdings and AXIS Capital's 'A-' Issuer Default Rating (IDR) but has kept the Rating Outlook as Negative.
Insurance
25 September 2018   AXIS Insurance, the insurance business segment of Bermuda-based AXIS Capital Holdings, has created a new position designed to boost its product distribution in the London Market and at Lloyd’s.
Insurance
9 May 2018   Film producer Harvey Weinstein is fighting back against Chubb, demanding that the personal indemnity insurer must pay for his legal defense against 11 lawsuits that accuse him of sexually harassing or assaulting women over the past three decades, according to a Reuters May 8 report.