STORY FROM: Reinsurance & Arbitration
State Appellate Court Sends Reformation Claims to Trial
October 9, 2009
NEW YORK - A New York appellate court has ruled that a Gulf Insurance Co. is entitled to a trial on its claim for reformation of certain interests and liabilities contracts, finding an issue of fact as to whether the parties intended for the reinsurer's participation to be a percentage of all of Gulf's losses, rather than a percentage of the applicable quota share. Gulf Insurance Co. v. Transatlantic Reinsurance Co., No. 3846 (N.Y. 1st App. Div.).
The New York First Appellate Division further ruled Oct. 1 that the trial court erred in granting Gerling Global Reinsurance Company of America's ...