STORY FROM: Reinsurance & Arbitration

Health Insurer Seeks to Assert Claims of Fraudulent Inducement, Conspiracy in Beechwood Re Case

NEW YORK — Senior Health Insurance Company of Pennsylvania seeks add claims of fraudulent inducement, conspiracy and aiding and abetting in a lawsuit accusing Beechwood Re and its founders of investing $320 million of its assets with the affiliates of a failed Ponzi scheme.

In a Dec. 15 motion filed in the U.S. District Court for the Southern District of New York, SHIP maintains that its proposed amendments are made in good faith and will not unduly prejudice the defendants.

SHIP, an insurance company that provides long-term care coverage, stopped writing new business in 2003 and developed a "run-off strategy" ...

Associated Law Firms
DLA Piper
Klestadt Winters Jureller Southard & Stevens
Proskauer Rose
Wilson Sonsini Goodrich & Rosati

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