It’s not every day that the chairman and CEO of one of the world’s largest insurance companies issues open warfare against an entire industry. While no one was surprised that Chubb’s Evan Greenberg attacked litigation funding firms for driving up the costs of lawsuits and insurance premiums, his purported threats of negative consequences for partnering organizations that do business with the firms was an extraordinary moment.
Executive Summary
Two titans of industry—the leaders of a large insurance company and litigation funding firm—square off in the press in their decade-long conflict, making a compromise ever more unlikely.
At an industry conference in a meeting closed to the press in early May, Greenberg reportedly told a group of insurance brokers, asset managers, law firms and banks to stop doing business with litigation funding firms or Chubb will stop doing business with them. Chubb declined an opportunity to be interviewed to assess the reporting’s accuracy.
