Insurer Fights Suit Over £95M General Insurance Deal

Law360, London (November 15, 2019, 3:03 PM GMT) -- Insurance group Surestone has hit back at claims that it fleeced a buyer out of £95 million ($122 million) by selling an allegedly worthless company, maintaining that it correctly prepared and represented financial reports on the business.

Surestone Insurance Holding Ltd. said in a defense filed with the High Court on Thursday that the chief financial officer of the business — UK General Insurance Group Ltd — had prepared, scrutinized and reported financial data as required under British law. The information was available at all times to Surestone and Chicago Bidco, the company to which it sold UK General Insurance in...

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