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Reinsurance & Arbitration

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Issue #146, May 2020

2nd Cir. Overturns $64 Million Reinsurance Judgment to Utica Mutual

A federal appeals court has overturned a $64 million judgment to Utica Mutual Insurance Co., ruling that Fireman’s Fund Insurance Co. (FFIC) did not breach its obligations under reinsurance contracts covering certain umbrella policies issued to Goulds Pumps Inc.


Reinsurance Info Not Relevant to Coverage Dispute, Idaho Federal Judge Says

An insurer must produce reserves information in an insurance coverage dispute but is not required to turn over reinsurance information because such information is not relevant to the facts of the case, an Idaho federal judge has ruled.


Issue #145, April 2020

Century Indemnity Sues RLI for Breach of Contract in Pa. Federal Court

Century Indemnity Co. has accused RLI Insurance Co. of breaching two facultative reinsurance certificates by refusing to indemnify Century for sums it paid to settle asbestos claims filed against its insured, Gould Inc.


Insurer Moves to Compel Arbitration of Trust Agreement Dispute with Universal Life

A Puerto Rican insurer has asked a New York federal court to compel arbitration of its dispute with a Bermuda-based reinsurer, arguing that the parties’ reinsurance agreement requires arbitration of “all disputes” relating to the agreement.


S.C. Federal Judge Finds for U.S. Bank in Reinsurance Trust Dispute with Accident Insurance

Following a bench trial, a South Carolina federal judge has ruled that U.S. Bank National Association did not breach its duties as the trustee of a reinsurance account or breach its trust agreement with Accident Insurance Co. (AIC).


Cedent Says R&Q Reinsurance Breached Contract by Failing to Pay for Asbestos Settlement

R&Q Reinsurance Co. has been hit with a lawsuit in Massachusetts federal court, accusing it of breaching a reinsurance contract by failing to indemnify its cedent for sums paid to settle asbestos claims filed against National Service Industries Inc. (NSI).


Aiding, Abetting Claims Dismissed Against Investment Holding Company in Beechwood Re Case

A New York federal judge has dismissed a receiver’s aiding and abetting claims against an investment holding company in a fraud case involving an offshore reinsurance company, a Pennsylvania insurer and the Platinum Partners hedge fund.


'Proposed Federal Pandemic Risk Reinsurance Program: What We Know So Far'

Andrea T. Best, Thomas M. Dawson and Daniel P. McCarty of McDermott Will & Emery note that development of legislation to establish a Federal Pandemic Risk Reinsurance Program appears to be progressing. In this article, they discuss key aspects of the program, which are subject to change.


'Reinsurance Arbitrations in the Age of COVID-19: Including the Use of Zoom,' by Debra J. Hall and Robert M. Hall

Debra J. Hall and Robert M. Hall examine arbitration as a means of resolving COVID-19-related reinsurance disputes between ceding and assuming insurers.


'Constitutional Questions Presented by Proposed State Legislation Requiring Retroactive Business Interruption Insurance Coverage for COVID-19 Related Claims'

State legislatures in New Jersey, Ohio, Massachusetts, New York, and Louisiana have introduced bills seeking to require business interruption insurance policies to cover claims relating to the COVID-19 pandemic. Sean Keely and Matthew Connelly of Freeborn & Peters, discuss what those bills could mean for insurers.


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