Arch Specialty Insurance Co. is suing Axiom Insurance Managers Agency LLC for at least $17.2 million, claiming the excess & surplus lines managing general underwriter broke an agreement by charging too little to cover policies' actual risks.
In Arch Specialty Insurance Co. v. Axiom Insurance Managers Agency LLC et al., filed Feb. 13 in New York federal court, Arch claims Axiom breached a 2008 producer agreement, which authorized Axiom to produce, bind and underwrite E&S policies for certain hospitality and entertainment businesses and provide related services including binding, issuing, endorsing, cancelling and non-renewing policies.
Arch claims Axiom underwrote 1,004 separate policies and collected more than $10.6 million in premiums from Feb. 25, 2008, to July 25, 2009. During that time, Arch alleges it lost more than $18.5 million under the Axiom policies.
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