Local, UK insurance firms settle dispute

The legal battle between top Philippine insurance firm Prudential Guarantee and Assurance (PGA) and United Kingdombased reinsurance company Marsh has ended after nearly three years of conflict stemming from various business practice issues. In a joint statement published in The

STAR earlier this week, both companies agreed to settle their dispute amicably and committed that “any pending complaints against either party will be withdrawn.”

To be withdrawn is the complaint filed by PGA against Marsh before the Philippine Insurance Commission (IC) in October last year, accusing the UK-based firm it formerly tapped as a reinsurance broker of having solicited business illegally and of unlawfully disclosing confidential information. The PGA is also set to withdraw criminal cases it filed against four top executives of Marsh for allegedly disclosing highly confidential information via email in violation of Section 32 of the Electronic Commerce Law.

Apart from the withdrawal of any pending complaints, the other terms of the settlement were not disclosed.

Representatives from both PGA and Marsh refused to comment when asked by the media, other than expressing satisfaction that “the matter was now behind them.”

Records showed that this was the second time that Marsh entered into an out-of-court settlement with PGA, which withdrew the case it filed against Marsh before the UK High Court in London for alleged unethical business practices.