News & Analysis as of

Reinsurance

Less Than Two Weeks Before Trial, District Court Judge In Utica V. Fireman’s Fund Rules On Motions In Limine

by Carlton Fields on

This case concerns an action filed by Utica Mutual Insurance Company (Utica) against its reinsurer, Fireman’s Fund Insurance Company (FFIC) seeking to enforce certain reinsurance contracts against FFIC with respect to...more

Wisconsin Adopts New Credit For Reinsurance Rule Based On Certified Reinsurers

by Carlton Fields on

On November 7, 2017, the Commissioner of Insurance for the State of Wisconsin issued an order approving a new rule to be added to Section Ins. Ch. 52, Wis. Adm. Code. The rule is intended to modernize Wisconsin’s credit for...more

Northern District Of Georgia Orders Cedent To Produce Information On Its Payment Of Claims

by Carlton Fields on

Defendant Golden Isles Reinsurance Company, Limited (“Golden Isles”) sought detailed information regarding individual claims Canal Insurance Company (“Canal”) submitted for reimbursement under the parties’ reinsurance...more

Insuring Against Terror: Some Common Coverage Blind Spots

by K&L Gates LLP on

In her speech at Mansion House in July earlier this year, Metropolitan Police Commissioner Cressida Dick said that the occurrence of terror attacks in the United Kingdom is a case of "when not if". She was speaking in...more

Discovery Dispute In Cost Of Insurance Case Considers Relevance, Statutory Privilege, And Adequacy Of Objections

by Carlton Fields on

In a putative class action alleging that a life insurer engaged in an elaborate scheme to pay stockholders huge dividends by shifting its obligations to reinsurers operating in jurisdictions with weak oversight and...more

Insurance Broker Series: Michael Ferraro, Woodruff-Sawyer & Co.

by Farella Braun + Martel LLP on

Farella’s Insurance Recovery Group lawyers regularly collaborate with and learn from different players and functions within the insurance industry. To provide more value to our readers, we have reached out to a series of...more

Odyssey Reinsurance Obtains $3.2 Million Default Judgment And Injunctions Stemming From Fraudulent Transfers Made By Underwriter

by Carlton Fields on

Odyssey Reinsurance Company obtained a $3.2 million default judgment on October 4, 2017, against Cal-Regent Insurance Services Corporation and Pacific Brokers Insurance Services (“PBIS”) as a result of fraudulent transfers...more

Long-Time Reinsurance Attorney Ruled Not Qualified To Arbitrate 9/11 World Trade Center Reinsurance Dispute

by Carlton Fields on

An attorney with “considerably more than ten years’ experience of insurance and reinsurance law” has been deemed unqualified to arbitrate a reinsurance dispute stemming from the September 11, 2001 terrorist attack on the...more

Court Rules Again On Motion To Dismiss In Matter Involving Unfiled Rates Charged Under Reinsurance Agreement

by Carlton Fields on

On July 21, 2016, we reported on a putative class action filed in a California U.S. district court by Shasta Linen Company against Applied Underwriters, Inc. and its affiliated entities, alleging that the “EquityComp”...more

Interval Alts and Insurance-Linked Securities

We are seeing Interval Alts (registered investment funds featuring hedge fund-like liquidity) being used for dedicated insurance-linked securities (ILS) strategies. ILS, such as catastrophe, or "cat," bonds, provide...more

Getting the Arbitrator Right

by Reed Smith on

This week the Commercial Court handed down judgment in Tonicstar Limited v (1) Allianz Insurance PLC; (2) Sirius International Insurance Corporation ( PUBL) (London Branch) [2017] EWHC 2753, a matter where the question was...more

Is the Relationship With Regulators in Latin America Still “One-To-One

by Zelle LLP on

Insurance regulations can influence the results of a business to the point of either facilitating an endeavor or making it hardly viable. Traditionally, insurers and reinsurers dealt with Latin American regulators on a...more

Big questions still to be answered by insurers and reinsurers after hurricanes Harvey and Irma

by Hellmuth & Johnson PLLC on

This post is the last in a three part series regarding insurance issues related to hurricanes Harvey and Irma. Read about the first post on legal restoration and the second on business interruption....more

Texas Passes Reduced Collateral Credit For Reinsurance Law Pertaining To Foreign Reinsurers

by Carlton Fields on

This past summer, the Texas legislature passed and the Governor signed a law that allows Texas insurers to negotiate reinsurance contracts with foreign reinsurers that do not require 100% collateral before the insurer can...more

National Association of Insurance Commissioners Issues Insurance Data Security Model Law

• NAIC recently adopted an Insurance Data Security Model Law that follows the risk assessment-based approach of the New York DFS Cybersecurity Regulation. This signals the growing influence of the New York Regulation,...more

U.S. Covered Agreement Policy Statement Affirms U.S. State-Based Regulation Of Insurance

by Carlton Fields on

We have posted several times on the negotiation and finalization of the Covered Agreement (“the Agreement”) negotiated by the Obama Administration and approved by the Trump Administration with the European Union....more

U.K. Court Approves Multi-Billion Pound Plan To Transfer Annuity Liabilities Under Reinsurance And Business Transfer Agreements

by Carlton Fields on

The Queen’s Bench Division of the U.K.’s High Court of Justice recently approved a scheme proposed by Scottish Equitable Plc to transfer its liabilities as to over 185,000 insurance policies to Rothesay Life Plc. The scheme...more

A Beacon in the Night Sheds New Light

by Locke Lord LLP on

Since the decision in Bellefonte Reinsurance Co. v. Aetna Casualty & Surety Co., 903 F.2d 910 (2nd. Cir. 1990) (”Bellefonte”) in 1990, the limits of coverage provided by facultative certificates have been pretty well defined,...more

Reliance Liquidation Court Approves Application For Direct Payments From Reliance’s Reinsurers To Certain Insureds

by Carlton Fields on

The court handling the liquidation of Reliance Insurance Company has approved an application for the direct payment of reinsurance proceeds by Hunt Equities, Inc., as guarantor of Mount Vernon Insurance company (the...more

Court Compels Discovery, Awards Sanctions In Dispute Over Whether Reinsurance Arbitration Clause Applies

by Carlton Fields on

In 2011, Top’s Personnel entered into a reinsurance agreement with Applied Underwriters Captive Risk Assurance Company (“AUCRA”), and several years later executed a promissory note (“the Note”) in favor of a related entity,...more

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

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