Successes
Fortune 100 Manufacturing Conglomerate
Over a 20-year period, IAG reconstructed the insurance programs for the parent and 20 acquired companies adding over $100 billion to the client’s portfolio of historic insurance assets. Records were organized and scanned allowing multiple users quick access to the information in reporting and negotiating claims settlements. As companies were spun off, the research enhanced the sale value.
Fortune 100 Financial Institution
IAG researched the coverage of an acquired company mired in asbestos litigation whose operations closed decades earlier. No records were left nor any employees with institutional memory. Working in sources outside of corporate records, such as brokers, carriers, outside counsel and court records, IAG located policies and a variety of secondary evidence documenting over $1.2 billion in cumulative policy limits.
Specialty Chemical Company
IAG’s client was spun-off from a global conglomerate without any details of its coverage history. Faced with hundreds of toxic tort lawsuits, the company needed access to multiple insurance programs of its former owners. IAG was able to reconstruct $2 billion for both domestic and global programs by coordinating efforts with outside counsel, former owners, brokers and carriers. The value of the audit was further enhanced by integrating the policy details for all of the programs in a user friendly database.
National Building Supplies Company
The client retained IAG to research the pre-acquisition coverage of a target company as part of due diligence BEFORE the deal. Records were reviewed and key personnel were interviewed ahead of time. IAG located 23 years of coverage totaling more than $20 million and the client passed on the cost of the audit to the seller as part of the purchase agreement.
Fortune 500 Manufacturing Conglomerate
IAG’s client faced a multi-million dollar exposure in clean-up costs for the operations of an old mining company. IAG located an underground storage area at a former mine and activated a lift not used in decades. A reference in an accounting record contained a policy number with a 3 digit prefix code which IAG identified as a London broker’s code for a Lloyd’s policy. IAG was able to obtain brokers slips and policies documenting $200 million of primary and excess coverage.
municipality
A Northeast municipality needed to locate 2 years of liability coverage for specific tort litigation. By cross referencing City Council resolutions, IAG was able to strategize the review of city manager files and council meeting files. The city maintained thousands of boxes of records and in just 2 days IAG staff located the key liability policies.
religious organization
Insurance policies and secondary evidence were located under liturgical music in a hall closet, at far flung retreat centers and in files related to annual fundraisers for a high school. IAG documented over 25 years of coverage to respond to allegations of sexual abuse dating back to the 1960s.