Lloyd's Insurers Fight £19M Suit For Overvalued Acquisition

Law360, London (April 28, 2021, 4:57 PM BST) -- Seven Lloyd's of London insurers have fought back against a £18.9 million ($26.2 million) lawsuit brought by an asset manager, claiming their acquisition indemnity policy did not apply because the company knew the business it was buying had extra debt before it closed the deal.

The insurers, which include subsidiaries of Axis and Hiscox, told the High Court in an April 21 defense, which has just been made public, that White Oak Global Advisors cannot claim indemnity over its acquisition of a finance company, LDF Group Holdco Ltd., which turned out to owe money to Citibank.

LDF, a British company, had...

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