Reinsurance Redux - November 2012

In This Issue:

- Illinois District Court Finds Revenue-Sharing Agreement Between Reinsurer and Broker to be Ambiguous:

A Northern District of Illinois judge denied cross-motions for summary judgment filed by a reinsurer and the broker in their dispute over the reinsurer’s annual fee in a revenue sharing agreement because the operative language in the agreement was ambiguous. Homeowners Choice Inc. v. Aon Benfield Inc., No. 19-7700 (N.D. Ill. Sept. 10, 2012)

- Northern District of Illinois Upholds “Follow the Settlements” Clause of Reinsurance Treaty and Orders Reinsurer to Pay Underlying Settlement:

Upholding a reinsurance treaty’s “follow the settlements” clause and its application to the settlement of an underlying insurance dispute, the Northern District of Illinois recently granted summary judgment in favor of a plaintiff insurer and ordered the reinsurer to pay the underlying settlement. Arrowood Indemnity Co., et al. v. Assurecare Corp., No. 11-cv-05206 (N.D. Ill. Sept. 19, 2012)

- Southern District of New York Confirms Arbitration Award and Holds Arbitration Panel’s Refusal to Hear Certain Evidence Did Not Limit Reinsurer’s Right to a Fair Hearing:

The Southern District of New York recently granted a group of insurers’ petition to confirm a series of arbitration awards and denied a reinsurer’s cross-petition to vacate the awards holding an arbitration panel’s refusal to hear certain evidence did not limit reinsurer’s right to a full and fair hearing. Century Indemnity Co., et al. v. AXA Belgium, No. 11-cv-07263, 2012 WL 4354816 (S.D.N.Y. Sept. 24, 2012).

Please see full publication below for more information.

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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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