AIG sues Dellwood Insurance Group

Last month, former AIG executives Michael Price and Kean Driscoll announced a $250 million capital raise and the formation of Dellwood Insurance Group, a new nationwide excess and surplus lines insurance holding company dedicated to wholesale brokers with an emphasis on small and middle enterprise risks.

Now, AIG has filed a lawsuit against Price, Driscoll, Thomas Connolly, and Dellwood to halt the “unlawful misappropriation of AIG’s trade secrets and confidential information, breaches of contract, breaches of fiduciary duty, unfair competition, and violation of the Computer Fraud and Abuse Act.”

The insurer claims that Price and Driscoll breached their obligations to AIG long before their non-competes expired.

Connolly, the CFO of Dellwood and former AIG executive, performed work for Dellwood, forwarded AIG’s confidential information to his personal email address for use at Dellwood, and solicited AIG coworkers to join him at Dellwood while still working at AIG, according to the lawsuit.