Reinsurance & Arbitration
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A New York federal judge dismissed a lawsuit filed against Senior Health Insurance Company of Pennsylvania by a co-founder of the Platinum Partners hedge fund, ruling that his fraud conviction bars him from seeking indemnification and advancement of litigation expenses under investment management agreements (IMAs).
Applied Underwriters Captive Risk Assurance Company Inc. has dropped its appeal of the confirmation of an award requiring it to pay an employer $79,167, plus $3 million in arbitrator fees, in a dispute over sums owed under two reinsurance participation agreements.
A New York federal judge has refused to dismiss a counterclaim accusing Senior Health Insurance Company of Pennsylvania of breaching the duty of good faith and fair dealing by failing to make interest payments to Beechwood Re Ltd. on a $50 million surplus note.
A New York judge has dismissed claims accusing Berkshire Hathaway Inc. of participating in an illegal reinsurance scheme targeting three New York employers, finding the plaintiffs failed to allege jurisdiction over the company pursuant to the state’s long-arm statute.
Robert M. Hall examines case law in which courts allowed an appeal of an otherwise non-appealable arbitration panel order.
A Florida federal judge has dismissed a lawsuit in which the owner of a plastics factory sought coverage from a Nicaraguan insurer and Transatlantic Reinsurance Co. for a 2003 fire, ruling there is a lack of subject matter jurisdiction under the Foreign Sovereign Immunities Act.
An Illinois federal magistrate judge has awarded a railroad company summary judgment in a reinsurance dispute over payments for mine subsidence damages, ruling that the alter-ego exception does not apply to the general rule of no liability for the company’s stockholders.
Issue #137, August 2019
A captive reinsurer has opposed plaintiffs’ efforts to strike its motion to dismiss a lawsuit accusing it of siphoning assets from an employee benefit plan, arguing that it is not required to post security because the lawsuit does not arise from an insurance contract.
A defendant in a $3.2 million fraud case has opposed Odyessey Reinsurance Co.’s request for $237,126 in attorneys’ fees and costs related to her failure to comply with an order requiring her to deposit funds in a court registry.
An investor is urging a federal appeals court to reinstate his claims that Security Benefit Life Insurance Co. violated the Racketeer Influenced Corrupt Organizations Act by entering into reinsurance transactions designed to make it appear financially healthy to investors while selling them low-performing annuities.