Mealey's Reinsurance

  • November 15, 2021

    Corporations Allege Breach Of Contract Over Workers’ Comp, Reinsurance Program

    OMAHA, Neb. — Related moving and storage corporations on Nov. 5 filed a complaint in Nebraska federal court alleging breach of contract and fraud regarding the EquityComp program that includes workers’ compensation insurance and a reinsurance participation agreement.

  • November 15, 2021

    Recommendation To OK Amending Complaint After Discovery Disputed In Reinsurance Row

    DETROIT — In Nov. 5 objections and a Nov. 12 response, the parties in a suit over asbestos reinsurance billings dispute a special master’s recommendation to a Michigan federal court that the insurer be granted leave to file a second amended complaint after the close of discovery to support its claim for attorney fees under a theory of bad faith.

  • November 12, 2021

    4th Circuit Sets Arguments In Appeals Over Insurance Bribery Convictions

    RICHMOND, Va. — The Fourth Circuit U.S. Court of Appeals on Nov. 10 set Dec. 8 oral argument for consolidated appeals related to a $2 million bribery scheme case that are challenging convictions against a multinational insurance and reinsurance management company’s founder and a company consultant.

  • November 12, 2021

    Parties To Argue Dismissal Of New Fraudulent Transfer Claims Involving LTC Insurer

    WILMINGTON, Del. — A Delaware vice chancellor on Nov. 9 set in-person argument for Dec. 7 on a motion to dismiss new claims in a putative class suit alleging fraudulent transfers from an insurance subsidiary that more than 1 million policyholders depend on for long-term care (LTC) insurance disability benefits.

  • November 11, 2021

    Parties Stipulate To Withdrawal Of Reinsurer’s Appeal Over $524M Arbitration Award

    NEW YORK — The Second Circuit U.S. Court of Appeals on Nov. 5 entered a stipulated order withdrawing a Bermuda reinsurer’s appeal related to the confirmation of a $524 million arbitration award issued in favor of a Puerto Rico life insurer in a dispute over alleged improper asset divestments for a reinsurance trust.

  • November 11, 2021

    Bankruptcy Judge Orders Turnover Of Attorney Files To Insurer’s Liquidators

    NEW YORK — A New York federal bankruptcy judge on Nov. 8 ordered law firms that represented or represent Bermuda insurer and reinsurer PB Life and Annuity Co. Ltd. (PBLA) to comply with a turnover order, noting a determination that PBLA’s attorney-client privilege belongs to PBLA’s joint provisional liquidators.

  • November 10, 2021

    Acquittal, New Trial In Former Execs’ Securities Fraud Convictions Vacated

    NEW YORK — Ruling that the evidence did not preponderate heavily against the jury verdict, the Second Circuit U.S. Court of Appeals on Nov. 5 vacated a New York federal court’s grant of new trials to two former hedge fund executives who were convicted of charges including securities fraud in an alleged scheme that involved a reinsurer and related entities; the panel also vacated a judgment of acquittal against one of the former executives.

  • November 05, 2021

    Judge Clarifies That Dismissal Of Reinsurance Dispute Is Without Prejudice

    DETROIT — A Michigan federal judge on Nov. 4 clarified that dismissal of a reinsurance dispute was without prejudice, issuing an opinion and order to amend judgment and maintaining that he was correct not to stay the case after ruling in August that an arbitrator must decide whether the time to submit a claim to arbitration has expired.

  • November 05, 2021

    Reinsurer Sued For Part Of Insurers’ Settlement With Duke Energy

    WHITE PLAINS, N.Y. — Following their confidential settlement with Duke Energy Carolinas LLC and Duke Energy Progress, LLC (together, Duke) “for environmental losses arising out of coal combustion residuals” at power plant sites, insurers TIG Insurance Co. and Associated Electric and Gas Insurance Services Limited (AEGIS) sued a reinsurer for part of the costs on Nov. 2 in a New York federal court, claiming breach of contract.

  • November 04, 2021

    Petition To Appoint Umpire In Reinsurance Arbitration Is Voluntarily Dismissed

    PHILADELPHIA — Century Indemnity Co. on Nov. 3 filed a notice to voluntarily dismiss its Oct. 14 petition for a Pennsylvania federal court to appoint an umpire in arbitration over “a complex and confidential dispute” over whether Certain Underwriters at Lloyd’s, London, is required to reimburse Century’s reinsurance bills.

  • November 03, 2021

    Class Suit Alleges Unfair, Deceptive Mortgage Loan, Force-Placed Insurance Actions

    SACRAMENTO, Calif. — A property owner on Oct. 29 filed a putative class action against Bank of America N.A. (BOA) and Integon National Insurance Co. in California federal court, alleging unfair and deceptive practices connected to home mortgage loan servicing, including that a reinsurance program does not serve a legitimate purpose.

  • November 03, 2021

    Counterclaims Are Barred, Reinsurer Argues In Suit Over Misconduct Settlement

    FLINT, Mich. — In a Nov. 2 answer to counterclaims filed in a Michigan federal court in a suit over an indemnification demand that arises from a $9.25 million settlement of sexual misconduct claims, Munich Reinsurance America Inc. (Munich Re) repeats the allegations in its complaint, arguing that the counterclaims are barred by the terms of the disputed reinsurance policy.

  • November 03, 2021

    9th Circuit Case Concerns Jurisdiction Implications Of Reinsurance In Montana

    SAN FRANCISCO — An appeal that centers on whether unrelated reinsurance obligations confer Montana personal jurisdiction over an Iowa insurer is being considered for oral argument in February, March or April 2022, according to an Oct. 19 docket entry in the Ninth Circuit U.S. Court of Appeals.

  • November 02, 2021

    Default Judgment Threatened In Suit Over Alleged Failure To Obtain Reinsurance

    SANTA ANA, Calif. — Following entry of default against the defendants in a suit that alleges negligent failure to obtain reinsurance coverage, a California federal judge on Oct. 29 ordered the plaintiffs to show cause why the action should not be dismissed for lack of prosecution and conditionally granted the defendants’ counsel leave to withdraw.

  • November 01, 2021

    Special Master In Reinsurance Suit: Don’t Compel, Do Allow Amendments

    DETROIT — Both parties disputing asbestos reinsurance billings should be granted leave to amend — with an in limine restriction on one of the grants — and a motion to compel should be denied and discovery should remain closed, a special master said in a report and recommendation filed Oct. 28 in a Michigan federal court.

  • October 29, 2021

    Reinsurer Files Answer In Breach Of Contract Suit With Health Insurer

    GALVESTON, Texas — In an Oct. 13 answer to a health insurer’s breach of contract complaint in a Texas federal court, a reinsurer asserts six affirmative defenses including that the insurer “has already received payment for the Doe Patient claim from another entity.”

  • October 29, 2021

    Reinsurer, Railroad Dispute Privity Over Recommendation In Injunctive Relief Suit

    SPRINGFIELD, Ill. — Following an Illinois federal magistrate judge’s recommendation that three of five claims in a railroad company’s injunctive relief suit be allowed to proceed, a reinsurer on Oct. 13 objected, arguing that lack of privity means those claims should be dismissed; in its Oct. 27 response, the railroad contends that the recommendations are correct.

  • October 28, 2021

    Relief Request Argued After Reinsurance Row Ruled Question For Arbitrator

    DETROIT — Following a Michigan federal judge’s ruling that an arbitrator must decide whether the time to submit a claim to arbitration has expired, a health and life insurer on Sept. 30 sought to have the case dismissal amended to a stay or to specify that it was without prejudice; a reinsurer objected for various reasons on Oct. 14.

  • October 26, 2021

    Magistrate:  Subpoena In Reinsurance Billings Case ‘Likely Untimely’

    LOS ANGELES — A California federal magistrate judge on Oct. 25 denied a third-party motion to quash a subpoena in a reinsurance billings dispute, also ruling that the subpoena was “likely untimely” and that the third party need not comply with it unless the plaintiffs obtain a sufficient extension of the discovery cutoff date.

  • October 26, 2021

    Settlement Reached In Class Suit Involving Indemnity Reinsurance Deal, Parties Say

    NEW YORK — Following the parties’ Oct. 22 announcement of a settlement in a life insurance policyholder’s class action challenge to a cost of insurance (COI) increase that came years after an indemnity reinsurance agreement, a New York federal judge on Oct. 25 granted their request for 45 days to prepare a final settlement agreement and move for preliminary approval.

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