STORY FROM: Reinsurance & Arbitration

RICO Claims Dismissed in N.Y. Federal Fraud Case Against Beechwood Re

NEW YORK — A New York federal judge has dismissed claims that Beechwood Re and its founders violated the Racketeer Influenced Corrupt Organizations Act by investing $320 million of a health insurer’s assets with the affiliates of a failed Ponzi scheme.

In a March 15 order, Judge Jed Rakoff of the U.S. District Court for the Southern District of New York also dismissed Senior Health Insurance Company of Pennsylvania (SHIP)’s claims of fraud and unjust enrichment as to certain defendants.

SHIP stopped writing new business in 2003 and developed a "run-off strategy" with the Pennsylvania Insurance Department. Although SHIP is ...

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