Reinsurance & Arbitration
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A New York federal judge has dismissed an action in which a Bermudian reinsurer accused a holding company of violating the Securities Exchange Act by fraudulently inducing it to purchase $5 million in stock, ruling that the transaction was foreign and therefore does not fall under the Act.
A Florida federal judge has dismissed a bad faith claim in an action accusing a life insurer of improperly raising the cost of insurance on many of its universal life insurance policies and releasing reserves through a series of captive reinsurance transactions in order to pay its foreign parent company.
A New York federal judge has refused to reconsider her refusal to amend a ruling concerning Bernard Turi’s testimony in a dispute over whether Munich Reinsurance America Inc. wrongly refused to pay its share of defense expenses Utica Insurance Co. incurred in connection with asbestos claims filed against Goulds Pumps Inc.
A West Virginia federal magistrate judge has ordered an insurer to produce reinsurance information in a lawsuit accusing it of improperly denying coverage for a 2017 fire at an auto dealership.
The Reinsurance Association of America and various other trade organizations are urging federal lawmakers to support the COVID-19 Business and Employee Continuity and Recovery Fund, which they say would help distribute federal funds to businesses and their employees impacted by the pandemic.
Larry P. Schiffer of Squire Patton Boggs (US) LLP discusses the myraid insurance and reinsurance issues arising from the COVID-19 pandemic.
Utica Mutual Insurance Co. has asked New York federal judge to reconsider her refusal to amend a ruling concerning expert testimony in a dispute over whether Munich Reinsurance America Inc. wrongly refused to pay its share of defense expenses that Utica incurred in connection with asbestos claims filed against Goulds Pumps Inc.
A man who was injured after falling into an uncovered boiler sump pit at his church has sued Hartford Steam Boiler (HSB), accusing it of failing to properly inspect the boiler, which was a requirement under a reinsurance policy covering the system.
Issue #144, March 2020
An Illinois federal judge has granted Amerisure Mutual Insurance Co.’s motion to confirm a final arbitration award in its reinsurance dispute with Allstate Insurance Co., ruling that it expressly supersedes a previous interim final award issued by the arbitration panel and is “final” in every respect.
A captive reinsurer has opposed AmTrust Insurance Co.’s motion for summary judgment on counterclaims asserted by a captive reinsurer, arguing there are questions of fact as to whether the reinsurer’s alleged failure to post security justified AmTrust’s purported breach of the parties’ reinsurance agreement.