Reinsurance & Arbitration
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A reinsurer has asked an Illinois federal judge to levy sanctions against the liquidator of Legion Indemnity Co., arguing that her motion to vacate an arbitration award of $422,680 in attorneys’ fees to the reinsurer has no reasonable chance of success.
"Is an 'Appraisal' an 'Arbitration' and If So, What Issues Can be Addressed and What Level of Due Process Applies?"
Robert M. Hall discusses appraisals in the reinsurance context and the questions that arise as to what law applies to such appraisals, whether or not the appraisers consider related legal and coverage issues, and what level of due process is required.
Issue #136, July 2019
Guest contributor Brendan Gooley of Carlton Fields discusses the 8th Circuit U.S. Court of Appeals' vacatur of a judgment confirming an arbitration award after concluding that the district court lacked personal jurisdiction over the defendant.
A New York federal judge has refused to dismiss AmTrust North America Inc.’s claims that a captive reinsurer breached a reinsurance agreement by failing to post the full amount of security required by the contract.
Odyssey Reinsurance Co. has settled its claims against Claim Technology Services Corp. and its chief executive officer in which it accused them of helping to drain the assets of a now-insolvent insurance agency to avoid paying a court judgment in Odyssey's favor.
A Kansas federal judge has dismissed claims that Security Benefit Life Insurance Co. violated the Racketeer Influenced Corrupt Organizations Act by entering into reinsurance transactions designed to make the insurer appear financially healthy to investors while selling them low-performing annuities.
A Nebraska federal magistrate judge has stayed an Applied Underwriters workers’ compensation coverage dispute pending a ruling in a similar case in New Jersey court as to whether the policies at issue violated that state’s insurance laws.
A Nebraska federal judge has allowed Applied Underwriters Captive Risk Assurance Co. and its affiliates to file a 4th amended answer in a workers’ compensation coverage dispute, allowing them to plead over the arguments raised in the plaintiffs’ motion to dismiss.
A Puerto Rican federal judge has stayed an action seeking reinsurance coverage for two hurricanes that hit the island in 2017, explaining that the plaintiff insurer has entered rehabilitation proceedings.
A California federal judge has awarded Odyssey Reinsurance Co. summary judgment on its claims against the former owners of Cal-Regent Insurance Services Corp., ordering them to pay the reinsurer nearly $4 million in profits they reaped from the sale of the insurance agency.