In Re: Tiaa-Cref Insurance Appeals

Summary

The Supreme Court of Delaware affirmed the Superior Court's judgment requiring certain insurers to provide coverage for TIAA's class-action settlements and defense costs. It held that the settlements were not uninsurable disgorgement, that the evidence supported recovery of the defense costs, and that Arch waived its consent-to-settle defense. The Court also upheld the calculation of Arch's limits reduction, denied prejudgment interest against excess insurers whose obligations had not attached, and upheld Zurich's defenses and the related jury instruction.