STORY FROM: Reinsurance & Arbitration
N.Y. Federal Judge Allows Offshore Reinsurer to Join Unfair Competition Lawsuit as Plaintiff
August 27, 2018
NEW YORK — A New York federal judge has allowed an insurer that specializes in guaranteeing residential leases to add an offshore reinsurer as a plaintiff in an unfair competition lawsuit, ruling that it will allow the insurer’s parent company to seek lost premiums received by the reinsurer.
In an Aug. 20 order, Judge Lorna G. Schofield of the U.S. District Court for the Southern District of New York further denied the defendants summary judgment as to claims for trade secret misappropriation, breach of fiduciary duty, and breach of contract.
In 2008, Insurent launched a residential lease guaranty business. Ronald ...