Mealey's Reinsurance

  • December 14, 2021

    Georgia High Court:  Reversal Of Arbitration Award Under State Code Was Error

    ATLANTA — A Georgia Court of Appeals panel erred in reversing confirmation of a $462,781 arbitration award under the Georgia Arbitration Code in a dispute involving car dealerships and a reinsurer, the Georgia Supreme Court said in a unanimous Dec. 14 ruling, finding nothing that “supports a determination that the arbitrator intended to purposefully disregard applicable law.”

  • December 14, 2021

    4th Circuit Panel Hears Arguments In Appeals Over Insurance Bribery Convictions

    RICHMOND, Va. — Days before a Fourth Circuit U.S. Court of Appeals panel on Dec. 8 heard oral arguments in a multinational insurance and reinsurance management company’s founder and a company consultant’s challenge to their convictions related to a $2 million bribery scheme, the government filed a notice of supplemental authority asserting that four recent decisions support its arguments, and the appellants countered that those cases do not refute their arguments or can be distinguished.

  • December 13, 2021

    Ordinary Course Motion By Insurer’s Liquidators Denied In Federal Bankruptcy Court

    NEW YORK — A New York federal bankruptcy judge on Dec. 8 denied a request by the joint provisional liquidators (JPLs) of Bermuda insurer and reinsurer PB Life and Annuity Co. Ltd. (PBLA) and other debtors for an order approving the use, sale, transfer or other disposition of assets in the ordinary course of the debtors’ businesses.

  • December 10, 2021

    Jurisdictional Show Cause Order Filed In Dispute Over Debt That Followed Injunction

    SAN DIEGO — Saying that the court “cannot determine whether diversity has been adequately pled,” a California federal judge on Dec. 7 filed an order directing Odyssey Reinsurance Co. to show cause why its case over a debt allegedly owed under a series of reinsurance agreements should not be dismissed for lack of subject matter jurisdiction.

  • December 10, 2021

    Dismissal Of ERISA Suit Against Bermuda Reinsurer Recommended Over Jurisdiction

    WASHINGTON, D.C. — A District of Columbia federal magistrate judge issued a Dec. 7 report recommending dismissal of a lawsuit over a Bermuda insurance and reinsurance company’s alleged failure to make $934 million in withdrawal liability payments to a pension plan, finding that the plaintiffs did not establish that the company’s “contacts with the United States are so systematic and continuous as to render it essentially at home in this country.”

  • December 09, 2021

    Defendants Challenge Evidence In Mortgagors’ Trial-Bound RESPA Claims Suit

    FRESNO, Calif. — Defendants in a long-running class suit over captive reinsurance agreements on Dec. 2 moved in a California federal court to strike allegedly untimely evidence that mortgagors included in opposition to a pending motion to decertify the class; on Dec. 3, the defendants repeated the argument in a reply supporting decertification.

  • December 09, 2021

    Default Judgment Against Third-Party Administrators Granted On Fiduciary Breach

    SANTA ANA, Calif. — A California federal judge on Dec. 6 granted default judgment on a breach of fiduciary duty claim against the defendants in a suit alleging negligent failure to obtain reinsurance coverage, dismissing the remaining claims and ordering $530,136.33 in compensatory damages and injunctive relief.

  • December 09, 2021

    Breach, Interference And Illinois Bad Faith Claims Dismissed In Reinsurance Row

    CHICAGO — Granting dismissal of all claims in an insurer’s suit alleging breach of reinsurance contracts, an Illinois federal judge on Dec. 6 ruled dismissal appropriate as to the reinsurer because all claims against it are subject to arbitration and as to two other entities because they are subject to conditional agency privilege and the Illinois Insurance Code does not permit bad faith claims against a reinsurer’s agents.

  • December 09, 2021

    No Evidence To Support Fraudulent Transfer, Alter-Ego Claims, Bankruptcy Judge Rules

    FORT MYERS, Fla. — A federal bankruptcy judge in Florida on Dec. 2 found that the creditor trustee of a now insolvent Florida title insurance company failed to satisfy his burden of proving that the company made asset transfers with an actual intent to hinder, delay or defraud its creditors, also rejecting the trustee’s successor liability and alter-ego claims.

  • December 08, 2021

    Reinsurance Billings Discovery Reopened Over Privilege Claim; Summary Judgment Denied

    LOS ANGELES — A California federal judge on Dec. 1 granted an ex parte motion to reopen discovery in a reinsurance billings dispute for a limited purpose and vacated all dates and deadlines in the action, then on Dec. 2 denied competing motions for partial summary judgment without prejudice.

  • December 01, 2021

    Claims Against 2 Defendants Dismissed In Breach Of Reinsurance Contracts Suit

    LOS ANGELES — In filings without explanation, a plaintiff on Nov. 9 sought and a California state court on Nov. 10 granted dismissal of all causes of action as to two entities named as defendants in a suit alleging breach of reinsurance contracts over billings for claims related to asbestos and other issues.

  • December 01, 2021

    Entities Oppose ‘Amorphous’ Bid For Ordinary Course Order By Insurer’s Liquidators

    NEW YORK — Two groups of entities on Nov. 30 opposed a request by the joint provisional liquidators (JPLs) of Bermuda insurer and reinsurer PB Life and Annuity Co. Ltd. (PBLA) and other debtors for an order approving the use, sale, transfer or other disposition of assets in the ordinary course of the debtors’ businesses, arguing in part that the motion before a New York federal bankruptcy court lacks specificity.

  • December 01, 2021

    Following Appeal Mandate, Reinsurer Seeks Disbursement In Fraudulent Transfer Case

    SAN DIEGO — Following dismissal of the final appeal over $958,017.66 in registry funds in a case concerning alleged fraudulent transfer of assets of an insolvent insurance agency, judgment creditor Odyssey Reinsurance Co. on Nov. 22 asked a California federal judge to disburse the funds to it.

  • November 30, 2021

    Reinsurers Seek Compensatory Damages From Ohio Company For Fatal Aircraft Crash

    TOLEDO, Ohio — Four reinsurers sued an overhaul and repair company in Ohio federal court on Nov. 23 in connection with a November 2019 aircraft crash in the Democratic Republic of Congo that resulted in the death of numerous people, citing more than $2 million in claims paid.

  • November 29, 2021

    Competing Partial Summary Judgment Motions Filed In Reinsurance Billings Suit

    LOS ANGELES — A group of insurers and a reinsurer on Nov. 22 filed competing motions for partial summary judgment in a reinsurance billings dispute in a California federal court.

  • November 29, 2021

    Rule 33 Argued In 2nd Circuit Rehearing Petitions Over Securities Fraud Convictions

    NEW YORK — A Second Circuit U.S. Court of Appeals panel should have remanded a challenge to a New York federal court’s grant of a new trial for application of a new standard rather than applying that standard itself, a former hedge fund executive argues in a Nov. 22 letter citing the appellate court’s Nov. 19 decision in United States v. Jabar.

  • November 29, 2021

    English Reinsurer Argues Policy Period, Late Notice Defense To 2nd Circuit

    NEW YORK — A federal court in New York “misconstrued” an English House of Lords ruling regarding “back-to-back” presumption in a dispute over an environmental claims settlement, an English reinsurer argues in its Nov. 22 appellant brief before the Second Circuit U.S. Court of Appeals seeking reversal of summary judgment on the issue of allocation; the reinsurer also argues that questions of fact should have precluded summary judgment dismissing its late notice defense.

  • November 24, 2021

    Judge Rules On Summary Judgment Motions, Sets Trial In Reinsurance Row

    DETROIT — Liability limits of disputed reinsurance certificates are clear, but there are factual issues regarding the reinsurer’s argument that the certificates should be rescinded, a federal judge in Michigan ruled Nov. 23, issuing opinions on multiple motions and setting a bench trial for Feb. 15.

  • November 24, 2021

    TransUnion No Basis To Decertify Class In RESPA Claims Suit, Mortgagors Argue

    FRESNO, Calif. — The U.S. Supreme Court’s TransUnion LLC v. Ramirez decision “provides no basis for disturbing the Court’s prior class certification ruling,” mortgagors in a long-running suit over captive reinsurance agreements argued in a Nov. 17 opposition to decertification in a California federal court; on Nov. 17 and Nov. 19, the parties filed multiple motions in limine.

  • November 22, 2021

    In 2-1 Reversal, 6th Circuit Rules That Claim Preclusion Bars Asbestos Coverage Suit

    CINCINNATI — A split Sixth Circuit U.S. Court of Appeals panel reversed a lower court’s judgment on a motion to dismiss a long-running case on Nov. 18, ruling that under claim preclusion, a final state court judgment bars the federal suit over asbestos coverage liability; however, the members all agreed that the appellate court is not bound by a Pennsylvania liquidation order that stayed all litigation against the appellant.

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