Reinsurance & Arbitration
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Issue #141, December 2019
Conn. High Court to Decide Whether Parties May Circumvent State Deadline for Challenging Arbitration Award
The Connecticut Supreme Court will consider whether parties can avoid the state’s 30-day deadline for applying to vacate an arbitration award by including a choice-of-law provision in the arbitration agreement stating that it is governed by the Federal Arbitration Act, which contains a three-month limitation for seeking vacatur.
A lawsuit accusing two insurers of violating the Employee Retirement Income Security Act by failing to disclose their reinsurance relationship with one another has settled, according to a Massachusetts federal judge.
A New York federal judge has ruled that aiding and abetting claims may proceed against two valuation companies accused of providing a runoff insurer with false valuation reports, causing it to invest $320 million in the troubled Platinum Partners hedge fund.
Certain Underwriters at Lloyds has been accused of breaching a reinsurance contract issued to a Montana risk pool by refusing to reimburse them $2.65 million for the settlement of an underlying wrongful conviction lawsuit.
The question of whether related reinsurance disputes should be consolidated must be determined by a new panel of arbitrators chosen according to the express terms of the reinsurance agreement, a federal appeals court has affirmed.
Amerisure Mutual Insurance Co. has asked an Illinois federal court to confirm a final arbitration award in its reinsurance dispute with Allstate Insurance Co., arguing that no grounds exist for vacatur, modification or correction of the award.
A Puerto Rico federal judge has compelled arbitration of a 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 federal judge has denied Century Indemnity Co.’s motion for judgment as a matter of law following a $6.2 million reinsurance verdict issued in Utica Mutual Insurance Co.’s favor, finding the evidence shows that Century was not improperly billed for an underlying settlement of asbestos claims.
An offshore reinsurer has moved to dismiss a mine workers’ pension plan’s lawsuit seeking $934 million in withdrawal liability payments, arguing that personal jurisdiction is lacking because the reinsurer does not have sufficient contacts with the United States.
A New York federal judge has granted TIG Insurance Co.’s unopposed motion to confirm a reinsurance arbitration award, ruling that the record supports the arbitrators’ findings.