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AXA Boosts PPI Claim Against Genworth By £236.5M

Law360, London (March 7, 2019, 7:43 PM GMT) -- French insurer AXA SA has dramatically raised the value of its claim involving missold payment protection insurance against U.S. rival Genworth Financial Inc. from £28.5 million ($37.3 million) to nearly £265 million, according to documents filed at London’s High Court.

AXA has extended the time frame during which it claims to have suffered losses by 15 months and boosted its claim for damages against Genworth by around 830 percent, the U.S. insurer said.

“It is admitted that by letters … sent by AXA’s solicitors to [Genworth Financial Inc.] and its solicitors, AXA claimed £264,953,912.18 … on the basis that this represented...

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