Reinsurance & Arbitration
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Issue #134, May 2019
Pennsylvania National Mutual Casualty Insurance Co. is asking a federal judge to allow arbitration to proceed in a reinsurance dispute, arguing that it will be irreparably harmed if the reinsurer’s motion for a stay pending appeal is granted.
Two insurers are urging a New Hampshire federal judge to deny a motion to dismiss their $20 million reinsurance action against several insurers, arguing that federal jurisdiction exists, and abstention is not warranted under the Colorado River doctrine.
A Nebraska federal magistrate judge has allowed the defendants in a case involving a reinsurance participation agreement to amend their counterclaim and cross-claim to allege claims under California law, ruling that Applied Underwriters Captive Risk Assurance Co. will not be prejudiced by such an amendment.
The parties in a $3.85 million reinsurance dispute involving workers’ compensation losses have informed a New York federal judge that they have complied with an interim final arbitration award and are in settlement talks to resolve the remaining issues.
A group of reinsurers have moved to dismiss a cedent’s lawsuit seeking more than $56 million in reinsurance coverage for claims arising from two hurricanes that devastated Puerto Rico in September 2017.
A New York judge has tapped Peter Bickford to serve as umpire in a reinsurance arbitration in which a cedent seeks $1.47 million in reinsurance coverage for underlying asbestos claims filed against its insured, California Portland Cement Co.
A D.C. federal judge has refused to dismiss an amended complaint accusing a group of reinsurers of breaching an implied contract by refusing to pay a $26 million arbitration award issued in favor of Vantage Commodities Financial Services Inc.
A California federal judge has refused to dismiss fraudulent transfer claims asserted against a claims adjustor and its chief executive officer in an action in which Odyssey Reinsurance Co. seeks payment of a $3.2 million judgment.
Certain Lloyd’s of London Underwriters has agreed to dismissal of its dispute with a group of insurers over whether a $3.7 million reinsurance dispute should be arbitrated, according to a joint stipulation of dismissal filed before a Maryland federal judge.
A New York federal judge has dismissed claims that Beechwood Re and its founders violated the Racketeer Influenced Corrupt Organizations Act by investing $320 million of a health insurer’s assets with the affiliates of a failed Ponzi scheme.