AIG litigation against E&S startup Dellwood dismissed after settlement reached

By Michael Loney

June 6 - (The Insurer) – AIG’s dispute with startup Dellwood Insurance Group has been dismissed after the parties last month agreed a settlement.

Judge Evelyn Padin of the District of New Jersey on May 29 entered an order for the voluntary dismissal of the action with prejudice and without costs and/or attorneys’ fees to any party as against any other party.

In a filing on May 22 the parties said that they had reached a settlement of their dispute.

Dellwood’s launch was announced in March 2024, with Michael Price serving as CEO and Kean Driscoll as chief underwriting officer.

In its complaint, AIG had alleged that Price and Driscoll attempted to “jump start” their newly formed business Dellwood by misappropriating AIG’s trade secrets and confidential information, as well as inducing AIG executives to breach their obligations and duties.

AIG sued Dellwood and the former executives on April 2 last year, before voluntarily dismissing the claims against the individuals in May. It amended its complaint in July, with Dellwood moving to dismiss shortly after.

In an order on March 28, Judge Padin had narrowed the lawsuit, dismissing three of AIG’s five alleged claims without prejudice.