Zurich Unit, Superior in Settlement
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Zurich Financial Services said Monday that it had reached a settlement with liquidators of Calabasas-based Superior National Insurance Group, ending a long-standing dispute.
Under the deal, Zurich unit Centre Insurance Co. will pay as much as $110 million.
Most of it will be in cash, the Swiss-based insurance giant said.
The legal tussle focused on payments made by Superior National to Centre Insurance shortly before Superior National collapsed in 2000.
“The settlement benefits CIC and the liquidator in that it resolves extensive and complex claims and regulatory issues relating to business transactions between CIC and the Superior National insurance companies now in liquidation without the need for further costly and protracted litigation,” Zurich Financial said.
In March 2000, state regulators seized Superior National, at the time the largest private workers’ compensation insurance group in California. Authorities said they acted on grounds that the group was in severe financial straits with scant reserves.
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