News & Analysis as of

Reinsurance

Lender-Affiliated Captive Reinsurer Obtains Dismissal Of Mortgage Insurance Lawsuit Brought By Illinois Director Of Insurance

by Carlton Fields on

The suit arose out of an arrangement where lenders would refer borrowers to (now-defunct) Triad Guaranty Insurance Company (Triad) to obtain private mortgage insurance. The lender-affiliated captive insurance company would...more

Seventh Circuit Affirms Dismissal Of Post-Liquidation Reinsurance Claim As Time-Barred

by Carlton Fields on

We previously posted on the trial court’s ruling addressing the statute of limitations in this case on June 23, 2016. By way of background, the underlying contract between the insurer and the reinsurer required the insurer to...more

First Circuit Upholds Arbitrator’s Denial Of Arbitrability Of Reinsurance Agreement, Finding No Manifest Disregard Of The Law

by Carlton Fields on

Mountain Valley Property, Inc (MVP) entered into a three-year reinsurance participation agreement with Applied Underwriters Captive Risk Assurance Co. Inc. (AUCRA), which contained a mandatory arbitration clause as well as a...more

Fourth Circuit Reverses Ruling That Reinsurance Agreement Is An “Insurance Contract” Under Virginia Law

by Carlton Fields on

Applying the doctrine of judicial estoppel, a district court refused to compel arbitration finding that the arbitration clause in a reinsurance agreement was unenforceable under a Virginia statute that voided a mandatory...more

Will Reinsurers Sustain a Direct Hit From Hurricane Harvey?

by Zelle LLP on

While predictions and analyses abound regarding the potential hit from Hurricane Harvey direct insurers may take, the potential impact to reinsurers has received considerably less attention. In the aftermath of this historic...more

Summer 2017 Sees Hot Developments in Regulating Insurer Capital and Life Reserve Financing

At the recent National Association of Insurance Commissioners (NAIC) Summer National Meeting held in Philadelphia from August 6, 2017, to August 9, 2017, the NAIC continued its work on group capital calculation standards,...more

Ninth Circuit Finds Plaintiff Entitled To Trial On Issue Of Whether An Arbitration Agreement Was Executed

by Carlton Fields on

Defendant provided the district court with copies of two contracts – a Reinsurance Participation Agreement and a Request to Bind – that were purportedly signed by Plaintiff’s CEO and contained arbitration clauses....more

Harvey’s Slow Pace May Spur Reinsurance Disputes over “Hours” Clauses

by Locke Lord LLP on

The residents of Texas and Louisiana have begun to assess the scope of damage caused by Hurricane Harvey. On August 25, 2017, the storm made landfall near Rockport, Texas, as a Category 4 Hurricane. The next day, the storm...more

26 Days: Congress and Health Care as FY 2017 Comes to a Close

by Epstein Becker & Green on

Congress returns from August recess today, facing a daunting workload to complete before the end of the current fiscal year (FY) on September 30. Big picture issues include raising the national debt ceiling and passing a...more

Subrogation Opportunities in Latin America

by Zelle LLP on

Subrogation is the process by which an insurance company seeks to recover, from a third party responsible for a loss, the money it paid to the policyholder as a result of the loss. In Latin America, subrogation claims are...more

NAIC Report: 2017 Summer National Meeting

The National Association of Insurance Commissioners (NAIC) met in Philadelphia, Pennsylvania for the 2017 Summer National Meeting from August 5-9. Commissioners, staff and interested parties alike converged in Philadelphia...more

Court Upholds Attorney-Client Privilege Despite Advice Of Counsel Defense In Tax Case Involving Reinsurance Transaction

by Carlton Fields on

This case involves a tax dispute centering on whether certain “purported” insurance and reinsurance transactions “lacked economic substance.” Following an in camera review of communications identified in Respondents’...more

Individualized Inquiries and Difficulties Identifying Class Members Doom Title Insurance Reissue Rate Class Action

by Carlton Fields on

The District Court of Idaho recently decertified a title insurance reissue rate class action, finding the initial justifications for class certification have “not withstood the test of time.” Under the Idaho Rate Manual,...more

Pennsylvania Federal Court Grants Motion To Dismiss Based On Lack Of Subject Matter Jurisdiction

by Carlton Fields on

Plaintiff RAD Manufacturing, LLC (“RAD”), a Delaware corporation with its principal place of business in Pennsylvania, and its insurer and reinsurer (as subrogees) brought an action in federal court in Pennsylvania against...more

Court Declines To Determine Whether Reinsurance Syndicate For Which A Company Fronted Should Be Involved In An Arbitration

by Carlton Fields on

The parties in this case presented to a court the issue of whether a reinsurance syndicate for which Federal Insurance acted as “a front” was a real party in interest and should be involved in an arbitration between Federal...more

[Event] The LatAm Gateway Summit - October 11th, Miami, Fl

by Zelle LLP on

The LatAm Gateway Summit will focus on Latin American insurance and reinsurance issues. The economic climate, claims, underwriting, and opportunities unique to Latin America will be explored. Insurers, reinsurers, risk...more

Alphabet Soup — Changes to the Affordable Care Act

by LeClairRyan on

With the new Trump administration and Republican control of Congress, there has been a lot of discussion about eliminating the Affordable Care Act and replacing it with a different set of rules. Legislation has passed the...more

Georgia Revamps Law Governing Captive Insurance Companies

by Carlton Fields on

Significant changes to Georgia law governing captive insurance companies took effect on July 1, 2017. The changes relate to the permitted corporate structure of captive insurance companies, new restrictions on risks that may...more

Court Finds That Reinsurance Transaction Did Not Breach Investment Contract Underlying An ERISA Plan

by Carlton Fields on

MetLife acquired the rights to a fixed investment option contract with Midco, a trust established to administer a retirement plan for the employees of Midco International, Inc. Midco plan participants received interest each...more

Turning Over Another Rock: Another Example of Discovery Disputes in the Reinsurance Context

by Locke Lord LLP on

Following up on our recent article, Between a Rock and a Hard Place: Insurers face hidden risks when defending claims and protecting confidential reinsurance information at the same time, published in the August 2017 issue of...more

Illinois Court Holds That Reinsurers And Insurer Need To File Complaint In Legal Malpractice Lawsuit In Their Own Names Pursuant...

by Carlton Fields on

In this case, an Illinois appellate court held that Section 2-403 of the Illinois Code of Civil Procedure, 735 ILCS 5/2-403, required the reinsurers and insurer of Developers Surety and Indemnity Co. (“DSI”) a surety, to file...more

Update on the Status of the Covered Agreement

by Carlton Fields on

Both the E.U. and the Trump Administration have now indicated that they will sign the Covered Agreement negotiated by the Obama Administration. How and when will the various provisions of this Agreement be implemented? In a...more

UK: Corporate Insurance Newseltter – June 2017

by Hogan Lovells on

The Hogan Lovells’ Corporate Insurance Newsletter for June has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. In this issue,...more

Eighth Circuit Affirms Dismissal of RICO Claim in So-Called Shadow Insurance Suit

by Carlton Fields on

In Ludwick v. Harbinger Group, the U.S. Court of Appeals for the Eighth Circuit affirmed the dismissal under the McCarran-Ferguson Act of a federal RICO claim against Fidelity & Guaranty (and its owner and several affiliates)...more

ARIAS Certified Arbitrators: One Size Does Not Fit All

by Locke Lord LLP on

The Board of Directors for the AIDA Reinsurance and Insurance Arbitration Society (“ARIAS”) has been considering increasing ARIAS’ reach by expanding membership to brokers and policyholders. This is only in the exploratory...more

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