Hanover Group appeal on AIG prospectus policy rejected by Court of Appeal

Mon, 30 Sep 2013

Sept. 30 (BusinessDesk) – Hanover Group Holdings has lost its appeal against AIG Insurance New Zealand over what it had thought was extensive coverage of directors’ and officers’ liability for the failed finance company’s prospectuses. The company was appealing a ruling in the High Court last December that found Chartis Insurance, as the local AIG unit was then known, hadn’t offered such comprehensive cover as Hanover had thought. The Court of Appeal upheld its view and dismissed Hanover’s appeal. The $20 million policy was taken out in Novemb...

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