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Federal Court Denies Bifurcation of Contract Claims and Uberrimae Fidei and Late Notice Defenses in Reinsurance Dispute

A Michigan federal court declined to bifurcate a case involving a contract dispute between a ceding insurer, Amerisure, and its reinsurer, Transatlantic Re, in a case arising from underlying asbestos claims dating back to the...more

New York’s High Court Scales Back Reinsurance Liability Cap

In Excess Insurance Co. Ltd. v Factory Mutual Insurance Co., 3 NY3d 577 (N.Y. 2004), New York’s high court held that, under a facultative reinsurance agreement, the reinsurer’s liability was limited to a per occurrence cap,...more

Seventh Circuit Declines To Require Pre-Pleading Security From Uruguay’s State-Owned Reinsurer And Refuses To Compel Arbitration

The Plaintiff, Pine Top Receivables of Illinois, LLC brought an action in Illinois federal court against Banco de Seguros del Estado, an entity wholly owned by Uruguay. Pine Top claimed that Banco de Seguros owed Pine Top...more

Hawaii Enacts NAIC-Recommended Revisions To Credit For Reinsurance Law

Hawaii’s House/Senate conference committee cleared the way for passage by the full houses of NAIC’s Model Act on Credit for Reinsurance, to address NAIC’s recommended updates pursuant to its Solvency Modernization Initiative....more

9/24/2014  /  Insurance Reform , NAIC , Reinsurance

NAIC Executive Committee Adopts Framework For Changes To Captive Reserve Requirements

NAIC’s Executive Committee met at NAIC’s annual meeting in Louisville, Kentucky on August 16 and 17, 2014. The Executive Committee furthered its action on reserve requirements for captive reinsurers and adopted the “XXX/AXXX...more

9/2/2014  /  NAIC , Reinsurance , Reserve

Eleventh Circuit Reverses Coverage Ruling Under Reinsurance Agreement

Public Risk Management of Florida, an intergovernmental risk management association that functions as a primary insurer for certain government entities in Florida, ceded some of its risk to One Beacon under a reinsurance...more

Court Grants Summary Judgment In $40m Reinsurance Commission Dispute

Greenlight Reinsurance brought suit against Appalachian Underwriters (“AUI”), Appalachian Reinsurance (“App Re”) and Insurance Services Group (“ISG”) alleging it had been shortchanged more than $40,000,000 pursuant to three...more

Defendants Granted Limitations-Based Summary Judgment In Captive Reinsurance Class Action

A putative class of mortgage consumers sued Flagstar Bank and its captive reinsurer alleging that they engaged in an illegal “kickback” scheme with private mortgage insurers, which scheme artificially inflated the price of...more

U.K. Court Dismisses Retrocessionaire’s Defense In “Follow The Settlements” Dispute

A British retrocessionaire sued its retroceding reinsurer in a coverage dispute regarding the “follow the settlements” doctrine. The primary insurer at issue, ACE INA Overseas Insurance Company, insured Tesco, which operated...more

7/21/2014  /  INA , Reinsurance , Retrocessional Claims , UK

Is SLIMPACT Losing Steam? Tennessee Switches To NIMA

As part of the passage of the Dodd–Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) in July, 2010, Congress incorporated the Nonadmitted Insurance and Reinsurance Reform Act (“NRRA”), which provides that...more

Court Allows Third Party Discovery Of Broker Materials Claimed To Be Privileged

Defendant liability insurers sought discovery from Third Party Aon relating to a dispute between defendants and plaintiff regarding an umbrella coverage program. Aon provided some, but not all responsive documents, citing...more

Court Awards Damages And Prejudgment Interest In Long-Running Retrocession Dispute

Republic Insurance was a fronting company for a syndicate of reinsurers which obtained retrocessional coverage from Group Des Assurance Nationales under LMX quota share contracts over a number of years. As we reported in an...more

Utica And Century Ordered To Mandatory Mediation In Reinsurance Dispute

Utica Mutual Insurance Company brought an action in 2013 against Century Indemnity Company (itself and against certain of its named predecessors) for breach of contract and breach of the duty of utmost good faith, as well as...more

Court Confirms Arbitration Award In Reinsurance Billing Dispute

A New York federal district court affirmed an arbitration award in favor of R&Q Reinsurance Company as against its cedent, Utica Mutual, in a reinsurance dispute arising from certificates issued by R&Q reinsuring certain...more

2/24/2014  /  Arbitration , Billing , Reinsurance

Court Declines To Seal Confidential Reinsurance Provisions

A New York federal court declined to seal portions of a reinsurance agreement at the request of intervening reinsurer Battenkill Insurance Co., LLC (“Battenkill”). Battenkill intervened in an interpleader action brought by...more

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