Retrocessional Claims

News & Analysis as of

Court Denies Petition To Appoint Arbitration Umpire In Retrocession Dispute

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

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

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

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

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

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

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

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

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

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

No U.S. Excise Taxes On Foreign Retrocessions

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

District court finds that insurance premium excise tax does not apply to retrocession transactions

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

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

Reinsurance Alert: Commercial Court clarifies the position on follow settlement clauses for retrocessionaires

On 6 November 2013, the Commercial Court handed down its judgment in Tokio Marine Europe Insurance Ltd v Novae Corporate Underwriting Ltd [2013] EWHC 3362 (Comm). Mr Justice Hamblen held that the defendant retrocessionaire...more

Reinsurance Newsletter - September 2013: Illinois Federal Court Resolves Long-Standing Retrocessional Dispute

Republic Ins. Co. v. Banco De Seguros Del Estado, No. 10 C. 5039, 2013 U.S. Dist. LEXIS 110842 (N.D. Ill. Jul. 26, 2013). An Illinois federal court addressed competing summary judgment motions in a long-standing...more

Patton Boggs Reinsurance Newsletter - March 2013: A Brief Review of Reinsurance Trends in 2012: Antitrust

In 2012, New York's highest court dismissed a state law antitrust claim against Equitas. In its decision in Global Reinsurance Corp. - U. S. Branch v. Equitas Ltd., 969 N. E. 2d 187 (N. Y. 2012), the New York Court of Appeals...more

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