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John Hancock Sued in Unicover Scandal

Friday, February 18, 2000 | 121 | 0 | min read

Credit General Insurance Co. has filed suit against John Hancock Financial Services Inc. seeking $10 million in compensatory damages for past-due claim payments from John Hancock as well as a plea for $560 million in punitive damages. John Hancock earlier this month said that it expects to take a $135 million charge for its involvement in buy-down reinsurance programs. All of this reinsurance action that we have been reporting over the past year and a half centers around Unicover Managers Inc., which moved $2.6 billion worth of workers' comp reinsurance premium to seven large life insure...

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