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Retrocessional Claims

Carlton Fields

Federal Court Weighs Personal Jurisdiction In Retrocession Dispute

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A New Jersey federal district court recently weighed whether it had personal jurisdiction over a foreign corporation in a reinsurance and retrocession dispute. The case involved insurance coverage for Companhia Siderurgica...more

Carlton Fields

IRS Revokes Ruling That Imposed Excise Tax On Wholly Foreign Reinsurance Transactions

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The Internal Revenue Service recently revoked a 2008 ruling that a 1% excise tax under section 4371(3) of the Internal Revenue Code applied to “reinsurance premiums paid by one foreign insurer or reinsurer to another.” The...more

Locke Lord LLP

Insurance Newsletter September 2015

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On May 26, 2015, the United States Court of Appeals for the District of Columbia upheld a District Court decision and ruled that the Internal Revenue Service could not impose excise tax on certain wholly-foreign retrocessions...more

Carlton Fields

Court Denies Petition To Appoint Arbitration Umpire In Retrocession Dispute

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Odyssey Reinsurance Co. petitioned the court to appoint an umpire to serve in arbitration with its retrocessionaries, certain Lloyd’s underwriters and Reliastar Reinsurance Group, over a disputed reinsurance claim. Odyssey...more

Carlton Fields

U.K. Court Dismisses Retrocessionaire’s Defense In “Follow The Settlements” Dispute

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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

Carlton Fields

Court Awards $5.6 Million In Damages For Covered Claims Under Retrocession Agreements

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A federal district court has awarded Munich Re $5.6 million in damages in its breach of contract action against American National Insurance Company for ANICO’s nonpayment of certain claims the court previously determined were...more

Carlton Fields

Court Amends Opinion And Order To Add Payable Claim Under Retrocession Agreements

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A federal district court has amended its opinion and order that held in favor of cedent Munich Re on its breach of contract action against American National Insurance Company to add a covered insurance claim to the list of...more

Carlton Fields

Court Awards Damages And Prejudgment Interest In Long-Running Retrocession Dispute

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Republic Insurance was a fronting company for a syndicate of reinsurers which obtained retrocessional coverage from Group Des Assurance Nationales under LMX quota share contracts over a number of years. As we reported in an...more

Carlton Fields

Ceding Reinsurer’s Disclosure Deficiencies Insufficient To Support Retrocessionaire’s Rescission Claim

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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

Carlton Fields

No U.S. Excise Taxes On Foreign Retrocessions

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Foreign retrocession insurance transactions are beyond the reach of IRS excise taxes based on the plain language of 26 U.S.C. § 4371(3), which aims to tax insurance transactions involving policies issued by foreign insurers...more

Eversheds Sutherland (US) LLP

Victory for the Taxpayer in Validus: District Court Holds that Federal Excise Tax Does Not Apply to Retrocessions

On February 5, the U.S. District Court for the District of Columbia issued its opinion in Validus Reinsurance, Ltd. v. United States, which is the first case to involve a challenge to the IRS’s position on the “cascading”...more

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