Reinsurance & Arbitration
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A law firm is immune from claims that it negligently misrepresented the facts of a lawsuit to an insurer while representing its policyholder because the firm was acting within the scope of its representation of a client, a federal appeals court has ruled.
A New York federal judge has confirmed an arbitration award requiring AXA Versicherung AG to pay Continental Insurance Co. $337,034, plus interest, pursuant to a retrocessional contract that covered Continental’s ceded asbestos and pollution losses.
Two insurers have sued Equitas Insurance Ltd. for breach of contract, seeking more than $20 million in allegedly outstanding reinsurance billings for underlying product liability losses sustained by Mine Safety Appliances Co.
Issue #129, December 2018
Senior Health Insurance Company of Pennsylvania seeks add claims of fraudulent inducement, conspiracy and aiding and abetting in a lawsuit accusing Beechwood Re and its founders of investing $320 million of its assets with the affiliates of a failed Ponzi scheme.
A federal appeals court has upheld dismissal of a breach of contract action filed against Zurich American Insurance Co. by its policyholders, affirming that the insurer was authorized under the policy to settle a coverage claim filed by a third party.
An Alabama federal judge has issued a judgment in favor of Munich Reinsurance Co. in a $1.3 million dispute over reinsurance coverage for flood claims, following an arbitration award rendered in the reinsurer’s favor.
Three reinsurers have asked a District of Columbia federal judge to reconsider his decision allowing Vantage Commodities Financial Services Inc. to proceed with its claims of breach of implied contract, promissory estoppel and unjust enrichment in a lawsuit in which it seeks payment of a $26 million judgment.
A New York federal judge has allowed claims of breach of fiduciary duty and gross negligence to proceed against Beechwood Re and its founders in a lawsuit accusing them of investing $320 million of a health insurer’s assets with the affiliates of a failed Ponzi scheme.
A special master has recommended against bifurcation of proceedings in a case in which Amerisure Mutual Insurance Co. seeks nearly $1 million in reinsurance coverage for asbestos claims, concluding that resolution of the contractual issues will not resolve the threshold issue of uberrima fides.
A Nebraska federal judge has denied a motion for summary judgment filed by a former Applied Underwriters plan participant accused of breaching a reinsurance participation agreement, ruling that there are genuine issues of material fact as to the amount due under the agreement.