News & Analysis as of

Reinsurance

Illinois District Court Dismisses Case Filed By Insurance Department, As Rehabilitator, Against Reinsurer

by Carlton Fields on

The District Court for the Northern District of Illinois dismissed a complaint filed by Plaintiff-Rehabilitator, the Illinois Director of Insurance, against Defendant-Reinsurer, Twin Rivers, alleging breach of contract,...more

Applied Underwriters, Inc., Loses Argument To Enforce Mandatory Forum Selection Clause In Reinsurance Contract

by Carlton Fields on

On September 12, the District Court for Connecticut denied a motion to transfer predicated on a mandatory forum selection clause in a reinsurance contract. The contract was one of several entered into by Applied Underwriters,...more

Delaware Governor Signs Law Creating Streamlined And Inexpensive Regulatory Regime For Dormant Captive Insurance Companies

by Carlton Fields on

The bill defines a dormant captive insurance company as one that (1) did not contract for any direct premium or reinsurance premium for a full calendar year, (2) is not obligated as an insurance company under any contract of...more

UPDATE: US and EU Negotiate Covered Agreement on Insurance and Reinsurance Regulation

by Locke Lord LLP on

As discussed in our prior QuickStudy issued on January 18, 2017, the US Federal Government and the European Union have come to an agreement on wide-ranging changes to reinsurance and establishment standards for the operation...more

Alabama Federal Court Finds Cedent Did Not Waive Arbitration, And Orders Reinsurance Dispute To Be Arbitrated

by Carlton Fields on

Alabama Municipal Insurance Corp. (“AMIC”), an Alabama non-profit public insurer, brought suit in Alabama federal court against Munich Reinsurance America Inc. (“Munich Re”), alleging breach of a reinsurance contract for...more

US-EU Covered Agreement: An Overview

On January 13, 2017, the then-US Secretary of the Treasury and the then-US Trade Representative (USTR) notified Congress that they had negotiated a covered agreement with the European Union (EU). After a period of uncertainty...more

U.S. and EU Sign Covered Agreement; Issue Clarifying Statements

by Hogan Lovells on

On Friday, September 22, 2017 the United States and the European Union signed a bilateral agreement on certain prudential measures regarding insurance and reinsurance (the “Covered Agreement” or “Agreement”). Execution had...more

Court Dismisses Suit By Rehabilitator For PMI Insurer Against Captive Reinsurer And Affiliated Bank

by Carlton Fields on

A district judge in the Northern District of Illinois has dismissed all claims brought by the Illinois Director of Insurance, acting as rehabilitator for Triad Guaranty Insurance Corporation and Triad Guaranty Assurance...more

A Note on Investment Security: Reinsurance Investment Security Subgroup’s Recent Decision

The National Association of Insurance Commissioners (NAIC) Reinsurance Investment Security Subgroup (the Subgroup) was formed earlier this year with representatives from eight states: Connecticut, California, Colorado,...more

District Court Decides Flurry Of Discovery Motions In Dispute Between Reinsurer And Insurer Over Underlying Asbestos Claims

by Carlton Fields on

The Eastern District of Pennsylvania recently ruled on several discovery motions in a reinsurance dispute between R&Q Reinsurance Company (“R&Q”) and St. Paul Fire and Marine Insurance Company (“St. Paul”) over underlying...more

South Carolina Federal Court Orders Separate Trials Of Primary And Third-Party Claims In Reinsurance Trust Investment Dispute

by Carlton Fields on

A federal district court in South Carolina recently granted motions to bifurcate a trial involving various claims, crossclaims, and counterclaims between an insured, reinsurers, and a reinsurance agreement trustee. ...more

The Uncertainties Of Prognostications Of The Impact Of Hurricanes Harvey And Irma On Catastrophe Bonds

by Carlton Fields on

We have rarely provided our opinions or market commentaries in our Reinsurance Focus posts, preferring instead to provide our readers hopefully balanced analyses of court opinions, legislation, and regulations affecting the...more

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

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