Reinsurance & Arbitration
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2nd Cir. Upholds Dismissal of ‘Shadow Reinsurance’ Action Against Life Insurer, Says Appellants Lacked Article III Standing
A federal appeals court has upheld dismissal of a class action accusing a life insurer of misleading customers by engaging in “shadow reinsurance” transactions, ruling that the plaintiffs lack Article III standing because they could not show a concrete injury as a result of the insurer’s conduct.
A New York federal judge has denied cross-motions for summary judgment on issues of follow-the-fortunes, late notice and rescission in a reinsurance dispute concerning an underlying $325 million settlement of asbestos claims asserted against Goulds Pumps Inc.
Roland C. Goss of Carlton Fields discusses the covered agreement between the United States and the European Union and whether the agreement recently presented to Congress is likely to accomplish the goals set forth in the November 2015 notification to Congress.
Issue #107, February 2017
Safebuilt Insurance Services has dropped its appeal of a New York federal judge’s ruling requiring it to pay AmTrust North America Inc. and its affiliate $7.8 million to satisfy a judicially confirmed arbitration award issued against Pacific Re Inc. and its protected captive reinsurance cell.
Endurance Reinsurance Corporation of America and Endurance Specialty Holdings Ltd. have agreed to drop their lawsuit in New York state court accusing Chubb INA Holdings Inc. of tortious interference with contract, explaining that they intend to file counterclaims in a related action pending in New Jersey federal court.
A Utah federal judge has upheld an order compelling an insolvent insurer to produce deposition testimony regarding reinsurance agreements, ruling that the magistrate judge correctly applied the appropriate legal standard.
A plaintiff is appealing a Pennsylvania federal judge’s award of summary judgment to Bank of America Corp. and its captive reinsurer on Racketeer Influenced and Corrupt Organizations Act claims in a mortgage reinsurance kickback action.
A federal appeals court has upheld dismissal of a petition to vacate an arbitration award, ruling that the plaintiff’s emailing of the petition to the opposing party’s counsel did not constitute proper service as required by Federal Rule of Procedure 5.
Florist’s Insurance Co. has filed a counterclaim against Endurance Assurance Corp. in a dispute arising from a 2008 deadly trucking accident, asserting that Endurance cannot escape liability by alleging breach of the reinsurance agreement’s late notice provision.
A Pennsylvania federal judge has agreed to issue a protective order that prohibits public disclosure of confidential, proprietary and/or private information that may be produced during discovery in a multi-million dollar reinsurance dispute between R&Q Reinsurance Co. and St. Paul Fire & Marine Insurance Co.