Reinsurance & Arbitration
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Frank Schmid discusses the long-term effect of the United Kingdom's historic decision to exit the European Union on the run-off industry.
Issue #110, May 2017
A settlement conference was held in a reinsurance dispute between Fireman’s Fund Insurance Co. and Utica Mutual Insurance Co. concerning an underlying $325 million settlement of asbestos claims asserted against Goulds Pumps Inc.
Munich Reinsurance America Inc. is barred from clawing back nearly $800,000 it allegedly overpaid Utica Mutual Insurance Co. under a 1977 reinsurance agreement, because the payment was made “voluntarily, without protest.”
Utica Mutual Insurance Co. has moved for summary judgment in its $3.2 million dispute with Munich Reinsurance America Inc., arguing that the follow-the-fortunes doctrine bars the reinsurer from challenging Utica’s allocation of an underlying asbestos settlement.
A New York federal judge has heard oral argument on the question of whether arbitrators, not the court, should decide whether the members of a reinsurance pool must participate in an arbitration of a $3.85 million dispute involving underlying workers’ compensation losses.
Everest Reinsurance Co. is urging a Massachusetts federal judge to compel Lamorak Insurance Co. to produce documents explaining its allocation of certain asbestos losses to its reinsurance contracts, arguing they will aid Everest in determining whether the allocation was reasonable and in good faith.
Canal Insurance Co. has moved to compel the production of tax returns and bank account records relating to cash transfers that were paid to a group of individuals from a reinsurer’s bank account in a lawsuit in which it accuses the reinsurer of liquidating its assets to avoid its payment obligations.
Non-profit public insurer Alabama Municipal Insurance Corp. has moved to stay its $1.3 million lawsuit against Munich Reinsurance America Inc. pending arbitration pursuant to an arbitration provision in the reinsurance treaty at issue.
A group of Lloyd’s of London syndicates have asked a Massachusetts federal judge to compel Transport Insurance Co. to arbitrate a dispute over reinsurance billings for underlying litigation involving Vulcan Materials Co.’s liability for environmental losses.
A Connecticut federal judge has stayed a $6.2 million reinsurance dispute between Century Indemnity Co. and Travelers Insurance Co. involving a settlement of underlying asbestos claims pending finalization of a settlement.