Reinsurance & Arbitration
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Following a New York federal judge’s ruling ordering Equitas Insurance Ltd. to pay $7,234,125 plus interest toward a cedent's settlement of pollution claims brought against Dole Food Co., the parties have agreed to a method for calculating prejudgment interest.
Pursuant to the Foreign Sovereign Immunities Act, federal district courts must apply the “totality -of-the-circumstances” approach in deciding the question of whether a property may be characterized as “commercial” for purposes of attachment, a federal appeals court has ruled.
Christina Gallo of Carlton Fields discusses a case involving an arbitration agreement between foreign nationals and U.S. citizens, which is governed by the Convention on the Recognition and Enforcement of Foreign Arbitral Awards and its implementing legislation, chapter II of the FAA.
Vantage Commodities Financial Services Inc. has moved for partial summary judgment in its federal action accusing reinsurers of breaching an implied contract by refusing to pay a $26 million arbitration award issued in its favor.
Munich Reinsurance America Inc. is urging an Alabama federal judge to stay discovery in a $1.9 million reinsurance action filed against it by a non-profit public insurer, pending the court’s ruling on its motion to dismiss the bad faith claims.
A New York federal judge has confirmed an arbitration award requiring a reinsurer to deposit more than $524 million in a segregated account to be used as security for its liabilities under its reinsurance agreement with Universal Life Insurance Co. (ULICO).
A California federal lawsuit accuses Bothina International Insurance Company Ltd. of unlawfully executing a retroactive loss portfolio transfer of certain reinsurance obligations without approval from the ceding insurers.
A Texas federal judge has dismissed without prejudice a lawsuit in which United States Fire Insurance Co. disclaimed its obligation under a reinsurance agreement to fund an underlying class action accusing its cedent of breaching health insurance policies by discounting the insureds’ medical bills.
'Application of State Anti-Arbitration Statutes to Reinsurance Contracts and the Impact of the McCarran-Ferguson Act'
Frequent contributor Robert M. Hall examines selected case law interpreting state anti-arbitration statutes and application of the McCarran-Ferguson Act.
Issue #148, July 2020
A New York federal judge has awarded AmTrust Insurance Co.’s motion for summary judgment on a captive reinsurer’s counterclaims in a breach of contract dispute, ruling that the reinsurer was required to post $1.6 million in security as required by the reinsurance agreement.