Chubb has refused insurance payouts for bankrupt opioid manufacturer Insys Therapeutics, after affiliates of the insurance company said it had wrongly included claims against them as assets when it made its Chapter 11 disclosures. The insurer is also refusing to pay out money from a settlement with the U.S. Justice Department over alleged violations by pharmaceutical companies that have been accused of inflating drug prices.
Chubb has refused insurance payouts for bankrupt opioid manufacturer Insys Therapeutics, after affiliates of the insurance company said it had wrongly included claims against them as assets when it made its Chapter 11 disclosures. Insys had said it had $30m of product liability coverage, including $10m with Chubb firms, with which it could fund a trust to help opioid abuse victims.