Reinsurance

News & Analysis as of

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

Court Grants Motion For Partial Judgment On The Pleadings In RESPA Class Action Regarding Private Mortgage Insurance

We have previously reported on a case styled Munoz v. PHH Corp., one of similar suits alleging putative class actions under the Real Estate Settlement Procedures Act arising from purported “sham” reinsurance transfers...more

Maryland Adopts Credit For Reinsurance Regulations

The Maryland Insurance Commissioner adopted regulations regarding Credit for Reinsurance effective August 18, 2014. The regulations will implement changes made to Title 5, Subtitle 9 of the Maryland Insurance Article, and are...more

RESPA Class Action Alleging “Captive Reinsurance Scheme” Allowed To Proceed

A Pennsylvania federal court recently denied a motion to dismiss a putative class action lawsuit in which homeowners claim violations of the Real Estate Settlement Procedures Act of 1974 based on an alleged “captive...more

Two Important Deadlines Approaching for Self-Insured Group Health Plans

If you sponsor a self-insured group health plan, then November includes two important deadlines: (1) you must obtain a health plan identifier for your plan, and (2) you must report the number of participants for whom a...more

Reinsurer’s Exposure Capped At The Certificate Limits: No Obligation To Pay Defense Expenses Above The Limits

A New York federal court recently was presented with a reinsurance dispute about the amount a reinsurer was required to pay under certain reinsurance Certificates. The issue was whether the reinsurer’s obligation was capped...more

Super Models Are Looking Better Than Ever - What Does That Mean For Insureds?

A recent article in August’s Best’s Review, The Rise of the Super Models, by Kate Smith (not Kate Upton, sorry), caught our eye. A lot is going on in the world of computer catastrophe modeling. First, demand by insurers and...more

Class Action Alleging Mortgage Kickback Captive Reinsurance Survives Dismissal Pending Discovery On Tolling Of Limitations

A court denied dismissal of a putative class action involving claims against Suntrust Bank subsidiaries and a captive reinsurer for an alleged illegal kickback scheme arising out of captive reinsurance covering Suntrust’s...more

Insurance In Brazil: A Reinsurance Perspective

Brazil, the largest South American economy, has been an important market for international insurers and reinsurers for many years. At the same time, Brazil presents major property risks for underwriters. Companies covering...more

Fifth Circuit Holds Order Remanding Case Back To Arbitrators For Clarification Is Non-Final And Non-Appealable

The appeal arose from a lawsuit to clarify an arbitration award concerning an alleged breach of a corporate merger agreement containing a binding arbitration clause. The federal district court found the arbitration panel had...more

New York Court Rejects Bid To Compel Arbitration Of Reinsurance Dispute

A New York federal district court denied Transatlantic Reinsurance Company’s petition to compel National Indemnity Company (“NICO”) to submit to arbitration. While the court’s order does not provide the basis for its ruling...more

Cedent Wins Breach Of Contract Claim Against R & Q Reinsurance

A Wisconsin federal district court granted summary judgment in favor of plaintiff, Employers Insurance Company of Wausau, and against its reinsurer, R&Q Reinsurance Company, on Employers’ claim that R&Q breached its agreement...more

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

Discovery of Communications between Insurers and Reinsurers

In today's complex work of insurance, many insurance risks are "reinsured" by a separate insurance carrier. In those instances, it is not unusual for insurers and reinsurers to have regular communications concerning the...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

Insurers Be Warned, Your Communications Are Discoverable

Insurers and reinsurers regularly communicate regarding matters they view as confidential. These communications often relate to claims, both routine and litigated, by the underlying insureds. Insureds, in turn, seek discovery...more

New York Department Of Financial Services (“NYDFS”) Adopts Emergency Regulation Regarding Excess Line Placements Governing...

The Emergency Regulation, effective April 21, 2014, conforms 11 NYCRR 27 to the requirements of the Non-Admitted and Reinsurance Reform Act of 2010 (“NRRA”). The amendments make the following changes to Insurance Regulation...more

Travelers Indemnity Settles Reinsurance Disputes With Excalibur

In two related cases, Travelers has settled its claims against Excalibur Reinsurance. A number of prior posts have addressed the substance of the parties’ disputes – for example, discovery issues (sealing portions of...more

Federal District Court Upholds Foreign Reinsurer’s Right To Remove Action To Federal Court

The Court for the Middle District of Louisiana upheld a magistrate’s ruling denying a motion to remand filed by the Louisiana Commerce and Trade Association of Self Insurer’s Fund (“LCTA”), holding that the defendant foreign...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

Insurance and Reinsurance Alert: Follow the Settlements Clauses revisited.

In autumn 2011, Thailand suffered severe floods. Among the properties damaged were shops and distribution centres owed by a subsidiary of Tesco. Tesco was insured against property damage and BI losses in Thailand under a...more

Court Refuses To Compel Nonsignatory To Join Reinsurance Arbitration

On April 8, 2014, we reported on National Indemnity Company’s (“NICO”) attempt in a Nebraska federal district court to enjoin Transatlantic Reinsurance Company from commencing arbitration against NICO in Chicago and New York...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

Policyholders with Long-Tail Claims Under Liberty Mutual Policies Should Be Prepared for 'Sea Change' in Claims Handling After...

On July 17, 2014, Liberty Mutual Insurance Company announced that it had entered into a multi-billion-dollar “retroactive reinsurance” arrangement with National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway,...more

Court Finds Communications With Reinsurers Discoverable In Coverage Dispute

A federal court in Minnesota determined that an umbrella insurer’s communications with its reinsurers are discoverable in a coverage dispute. The case is titled National Union v. Donaldson Co., and the focus is on the scope...more

212 Results
|
View per page
Page: of 9