Standard Life is suing 11 insurers including ACE European Group after the provider was forced to inject £100m into the Standard Life Pension Sterling Fund during the credit crunch, Bloomberg reports.
Standard Life claims the 11 firms, which provided professional indemnity insurance to the provider, should have covered the costs of the £100m payment, which was made in February 2009 after the fund suffered losses.
Former chief executive Sandy Crombie said the company’s response to the losses was motivated by a desire to “do the right thing”.
A Standard Life spokesman says: “Standard Life is pursuing a claim through the Commercial Court in London against its professional indemnity insurers.
“This relates to the decision by Standard Life to make a payment of circa £100m into the pension sterling fund in February 2009, something the insurers have refused to indemnify. We are unable to comment further while the proceedings are on going.”