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Novant Health Inc. took in February 2020 what it considered to be a proactive financial step — acquiring a COVID-19-related insurance policy to cover expected and unexpected expenses and losses. The policy was with American Guarantee and Liability Insurance Co. The insurer is a U.S. subsidiary of Zurich Insurance Group Ltd. that Novant has used in other policies. The policy began Feb. 1, 2020, and lasted exactly a year. There was a liability limit of $1.5 billion, and Novant said it paid $2.21 million in premium costs during the coverage period. The decision appeared prudent considering ...

Apr.12.2021 Courts Dismiss COVID-19 Business Interruption Claims On April 9, 2021, the district court for the Central District of California granted Topa Insurance Company’s motion to dismiss a restaurant and nightclub’s COVID-19 related claim. According to the court, the policy “clearly condition[ed] recovery on physical loss or damage to the insured premises” (Order at 5), and the complaint alleged only that the coronavirus “prevented it from using its property for” its intended purpose, which is not enough to “allege direct physical loss or damage.” Id. at 6. The court hel...

by RBC Capital Markets Gilead Sciences announced the acquisition of MYR Pharmaceuticals, a German biotech whose lead drug is for hepatitis delta (an occasional co-infection with hepatitis B), for $1.4 billion and a $360 million milestone payment contingent on FDA approval. Coming on the heels of the transformative Immunomedics deal, we believe that this shows management’s continued willingness to leverage the balance sheet to bring in synergistic assets. Unlike Immunomedics, though, today’s deal represents a much smaller, synergistic bolt-on to Gilead’s antivirals infrastructure t...

MLB Sues Insurers Over Billions in Pandemic-Related Losses Mark Brown/Getty Images The league claims it's facing "catastrophic economic losses" after it was forced to cancel more than 1,500 games — and play the ones that weren't canceled in empty stadiums. The COVID-19 pandemic has sparked a wave of litigation against insurance companies for denying coronavirus-related claims and, in one of the latest suits, Major League Baseball is swinging for the fences in claiming more than a billion dollars in losses from ticket sales, advertising revenue and more should have been covered. In a complai...

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