A federal district court has stayed a case where Nationwide Mutual Insurance Company petitioned to compel arbitration of a dispute that its cedent Liberty Mutual Insurance Company claims was already adjudicated by an...more
A federal court in Pennsylvania denied defendants’ motion to dismiss in a putative class action based on purported mortgage services fraud. Defendants Fifth Third Bank, Fifth Third Mortgage Company, Fifth Third Mortgage...more
In a case of first impression in the First Circuit, Employers Insurance Company of Wausau and National Casualty Company (“Wausau”), two of three reinsurers under identical agreements with OneBeacon American Insurance Co....more
A federal district court recently made findings of fact and conclusions of law following a nine-day bench trial upholding a ceding reinsurer’s right to receive certain payments from a retrocessionaire under two retrocession...more
On March 5, 2014, the Department of Health and Human Services released a Final Rule addressing, among other things, transitional reinsurance fees payable in the 2014 through 2016 benefit years.
By way of background,...more
In San Evans Maritime Inc and others v Aigaion Insurance Co SA1, the English Commercial Court considered whether the following underwriter was obliged to follow the settlement of the lead underwriter on one policy, in...more
A New Hampshire insurance company, Home Insurance Company (“Home”), was placed in liquidation in 2003. When its reinsurer Century Indemnity Company (“CIC”) tried to claim an $8 million setoff from amounts owed to Home, the...more
A New York federal district court denied reconsideration of its refusal to dismiss a case for forum non conveniens or lack of personal jurisdiction, in a dispute involving reinsurance of a performance bond insuring the...more
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
The FDIC receiver of a bank served subpoenas on reinsurers, seeking information as to how the cedent insurer interpreted certain ambiguous terms in the underlying liability insurance policy. The insurer and reinsurer objected...more
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
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
On February 5, 2014, the US District Court for the District of Columbia held that the federal excise tax ("the FET") on insurance and reinsurance premiums does not apply to retrocession insurance transactions. Under a plain...more
With the first month of the year behind us, this report outlines major insurance topics that we will be watching throughout 2014.
Forces, trends and events that we believe will affect regulation, transactions and...more
In This Issue:
- New York District Court Grants Summary Judgment for Reinsurer Where Insured’s Loss Did Not Reach Attachment Point Necessary to Trigger Coverage:
The United States District Court for the Southern...more
In This Update:
Introduction; Financial Institutions; Directors & Officers; Cyber; Professional Indemnity; Liability; Products; Property; Latin America; Reinsurance; and Litigation, Costs & Procedure.
The Consumer Financial Protection Bureau filed an administrative enforcement action against PHH Corporation, alleging a nearly 15-year “mortgage insurance kickback scheme” by its mortgage origination and reinsurance...more
The parties to a mass tort insurance coverage dispute have never been the only ones with a significant interest in its outcome. Direct insurers have relied on reinsurers to spread their own risk. In the past, in cases where a...more
1. IVASS – TOWARDS SOLVENCY II -
In the process of implementing the rules of Solvency II, EIOPA on 31 October 2013 published guidelines relating to the following areas: the system of governance; prospective assessment...more
Reinsurance sidecars have become an established medium through which third-party capital is now accessing the reinsurance market, with more and more capacity being announced on an almost monthly basis. These special purpose...more
Devoted to exploring the progress of the modernization of the insurance industry, FIO Focus provides information and insights about the organizations and issues that are driving change and influencing the future of the...more
Chile’s new insurance law came in to force on 1 December 2013. The new rules amend the Chilean Code of Commerce, including rules deriving from the 1865 Civil Code. We have summarised some of the features of the new law....more
First State Ins. Co. v. Nat’l Cas. Co., No. 13 Civ. 0704 (AJN), 2013 U.S. Dist. LEXIS 142518, 2013 WL 5439143 (S.D.N.Y. Sept. 27, 2013).
A cedent and a reinsurer were parties to various reinsurance agreements, each of...more
Seneca Ins. Co. v. Everest Reinsurance Co., No. 11 Civ. 7846 (BF), 2013 U.S. Dist. LEXIS 151594 (S.D.N.Y. Oct. 17, 2013).
A New York federal court granted summary judgment to a reinsurer and dismissed the cedent’s case...more
Eagle Star Ins. Co. v. Arrowood Indemnity Co., No. 13 Civ. 3410 (HB), 2013 U.S. Dist. LEXIS 135869 (S.D.N.Y. Sept. 23, 2013).
A New York federal court recently granted an application by putative intervenors to unseal...more
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