PHL Variable Sues Its Insurers for Help With Defense Costs

October 24, 2023 by Allison Bell

A life insurer is suing its own insurers over coverage for lawsuit defense costs.

PHL Variable Insurance, a subsidiary of Nassau Financial Group, filed the complaint in a state court in California earlier this week.

PHL contends that XL Specialty Insurance, its primary insurer, or its providers of excess insurance coverage should cover the expenses it faced when it responded to two lawsuits over life insurance premium increases. AXA acquired XL Group in 2018, and XL Specialty is now a subsidiary of AXA.

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Originally Posted at Think Advisor on October 19, 2023 by Allison Bell.