Reinsurance & Arbitration
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Issue #128, November 2018
A Maryland federal court has stayed a putative class action in which the plaintiffs accuse Banner Life Insurance Co. of shifting its debt to offshore reinsurers in order to hide its “questionable” solvency.
A District of Columbia federal judge has allowed Vantage Commodities Financial Services Inc. to proceed with its claims of breach of implied contract, promissory estoppel and unjust enrichment against three reinsurers from which it seeks payment of a $26 million judgment.
A Massachusetts federal judge has confirmed a confidential arbitration award in a dispute over reinsurance coverage for sexual molestation claims filed against the Boy Scouts of America.
Century Indemnity Co. says it does not oppose Certain Underwriters at Lloyd’s efforts to confirm an arbitration award arising from a dispute over reinsurance coverage for sexual molestation claims filed against the Boy Scouts of America.
An insurer has voluntarily dismissed its action asking an Ohio federal court to appoint an umpire to oversee its reinsurance dispute with Hannover Life Reassurance Company of America.
Utica Mutual Insurance Co. has opposed a reinsurer’s request that a New York federal judge reconsider his denial of its motion for summary judgment in a dispute over whether it must pay Utica’s defense costs, arguing that there are no “exceptional circumstances” warranting reconsideration.
Applied Underwriters Inc. and its affiliates have opposed plaintiffs’ motion for class action certification in a lawsuit targeting their workers’ compensation insurance programs, arguing that the plaintiffs’ claims and defenses are not typical of the class, and plaintiffs and their counsel are not adequate class representatives.
A Maryland federal judge has sent to mediation a putative class action accusing a life insurer of engaging in phony captive reinsurance transactions in order to hide its questionable solvency from policyholders while charging them ever-increasing fees.
U.S. Bank National Association has moved for summary judgment on a reinsurer’s claims that it breached its duties as a trustee and conspired with its subsidiaries to “engage in unlawful acts,” arguing that the claims are time-barred under South Carolina law.
A reinsurer is urging a Florida federal judge to dismiss a cedent’s amended complaint seeking payment of a $139,000 reinsurance claim, arguing that the pleading should be amended a second time to properly plead the cedent’s citizenship for purposes of diversity subject matter jurisdiction.