California agrees $12mn settlement with WR Berkley

The California Department of Insurance (CDI) has received a $12mn
settlement from WR Berkley Corporation after one of its
subsidiaries was found to be operating as a surplus lines carrier
in the state without the required licences.
The settlement, announced yesterday by the state's insurance
commissioner Dave Jones, was issued against the carrier's
Admiral Insurance Company subsidiaries.
It followed an investigation launched in 2011 that found
evidence the subsidiaries had transacted surplus lin