$1.5 Million Claim Against Reinsurer is Unripe, English Court Rules

LONDON - The Judicial Committee of the English Privy Council ruled July 15 that New Hampshire Insurance Co. lacks standing to pursue a claim for $1.5 million in trust funds against its reinsurer because it failed to establish any legal right to withdraw the sum from the trust account. New Hampshire Insurance Co. v. Magellan Reinsurance Company Ltd., No. 50 of 2008 (U.K. Privy Council).

In upholding a decision by the Turks and Caicos Court of Appeals, the Privy Council panel explained that the insurer merely established that its legal claim of right to those funds would accrue in the …