Arcina has been instrumental in recovering billions of dollars for clients and delivering favorable results in large complex litigation.
Archaeology Produces Coverage for Automotive Manufacturers Toxic Tort Claims
Two of the world’s largest automotive manufacturers were beset with asbestos exposure claims related to clutch and brake pads. Arcina located product liability policies and general liability policies dating back to the earliest first days of production in the U.S. market for both companies. The policies had been placed in the global insurance markets. Long-standing relationships and knowledge of the global marketplace enabled Arcina to recover nearly 100% of the historical insurance for both companies. Following the successful negotiations of cost share agreements, these insurance programs covered the defense fees and indemnity payments of over $40 million.
Archaeology and Claims Advocacy Deliver Unexpected Results
A water company, on the verge of a trial, was facing a significant liability related to historic asbestos claims. The company had limited insurance to provide coverage and defense for the claim. The Arcina team was able to immediately implement an archaeology and advocacy plan that within two weeks located significant insurance assets and arranged for defense of the claims. On the eve of the trial, the case settled with the authority of multiple insurers, and the carriers ultimately reimbursed 100% of the defense costs, resulting in a seven-figure recovery for the insured. Diligence and persistence resulted in the location of over $100 million in coverage for pending and future asbestos claims, providing the client with both piece of mind and a reliable insurance asset.
Insurance Due Diligence Results in Comprehensive Overview of Assets and Liabilities
As part of its growth strategy, an international engineering firm was exploring acquisitions with construction and engineering projects throughout the U.S. and abroad. The client considered some of these transactions as “high risk / high reward” and thus, was particularly interested in the historical insurance and legacy claims these entities had. During the due diligence phase, Arcina assessed the companies’ legacy liabilities and conducted insurance archaeology to uncover historical policies. For each acquisition, Arcina charted the insurance programs back to the 1950s, gathered the relevant insurance policies and identified gaps in coverages. As a result of the investigations and subsequent work, the client obtained a centrally located library and catalog of its historical insurance for the parent company and many of its holdings. This provided a comprehensive overview of the insurance assets and liabilities.
Insurer Driven Request for Archaeology to Spread Time on Risk
Arcina was contacted by an insurance company who was solely defending a prominent northeastern cosmetics manufacturer that was involved in a significant environmental claim. The company was seeking other insurers who could provide a contribution to the claim. Arcina was engaged to conduct a comprehensive insurance archaeology project as prior archaeology undertaken by other firms had yielded little to no results. Working in close collaboration with the insured, Arcina spent several days in the cosmetic manufacturer’s warehouse sorting through old files until a locked file cabinet was discovered containing a microfiche. A trip to the local library unveiled a record of solvent insurance assets valued at over $50M which reduced the insurer's responsibility by more than 80%.