Lloyd's Insurers Fight €8.8M Claim Over ProPharma Deal

Law360, London (February 22, 2021, 4:33 PM GMT) -- A group of Lloyd's insurers has told a court they should not have to cover ProPharma Group for €8.8 million ($10.7 million) in losses linked to a soured acquisition, saying the life sciences company knew about problems with the deal at the time.

The seven Lloyd's syndicates said in a defense filed with the High Court on Feb. 16 and now made public that they do not owe ProPharma the €8.8 million that the company is trying to claw back under an acquisition indemnity policy after a deal to buy Xendo Holding BV, an consultancy, went awry.

The deal went south after...

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