STORY FROM: Reinsurance & Arbitration
Transfercom Appealing Ill. Federal Judge’s Remand of Pine Top Reinsurance Action
February 11, 2016
CHICAGO — Transfercom Ltd. is appealing to the 7th Circuit U.S. Court of Appeals an Illinois federal judge’s remand of a reinsurance action filed by Pine Top Receivables of Illinois.
Transfercom is challenging the judge’s determination that the service of suit clause in the agreement at issue obligates Transfercom Ltd. to abide by the cedent’s choice of forum.
In 1981 and 1982, Pine Top entered into two one-year “Excess of Loss Reinsurance Agreement, Treaty Reinsurance Business” contracts with Transfercom’s predecessor, Nissan Fire & Marine Insurance Co., under which Nissan allegedly assumed 2.5 percent of Pine Top’s liabilities.
In 1987, ...
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