Reinsurance Newsletter - September 2014

Explore:  Reinsurance

In This Issue:

• Recent Case Summaries

• Recent Speeches and Publications

- Excerpt from Recent Case Summaries:

Second Circuit Affirms Reinsurer’s Late Notice Defense Under Illinois Law AIU Ins. Co. v. TIG Ins. Co., No. 13-1580-cv, 2014 U.S. App. LEXIS 16513 (2d Cir. Aug. 27, 2014) (Summary Order – No Precedential Effect). The Second Circuit Court of Appeals has affirmed summary judgment in favor of a reinsurer on a late notice defense under Illinois law. We discussed the underlying decision in our September 2012 Newsletter.

This case derives from the settlement of numerous asbestos-related lawsuits brought against Foster Wheeler. The cedent received tender of these suits in 2003 and settled its exposure to Foster Wheeler. In 2007, the cedent gave the reinsurer notice of its intent to bill the settlement to facultative certificates. The reinsurer refused to pay arguing late notice....

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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