Reported 13 days ago
Northeast Insurance Company, based in Bermuda and insuring several hospitals in New York, has filed for Chapter 15 bankruptcy to seek recognition of its insolvency following numerous child sexual abuse claims. The company, which ceased writing new policies in 2017, is facing legal challenges due to its exposure under New York's Child Victims Act. The bankruptcy filing in New York brings an automatic stay on all legal actions against the company while it navigates its obligations connected to 55 claims of abuse.
Source: YAHOO