Mealey's Reinsurance
-
January 20, 2021
Judge Dismisses Conversion Claim In Suit Over Insurance Policy’s Pricing, Administration
DENVER — A federal judge in Colorado on Jan. 19 granted a life insurer’s and reinsurer’s separate motions to dismiss a conversion claim in an insured’s lawsuit challenging the pricing and administration of his universal life insurance policy.
-
January 20, 2021
Insurer: California Insurance Department Obstructed Merger With Conservatorship Order
SACRAMENTO, Calif. — California Insurance Co. (CIC) says in a Jan. 6 California federal court complaint that the state’s insurance commissioner and his department unlawfully obtained a conservatorship and obstructed a merger that would have had CIC re-domesticate from California to New Mexico.
-
January 19, 2021
Railroad Company Amends Complaint In Response To Reinsurer’s Motion To Dismiss
SPRINGFIELD, Ill. — In response to the Illinois Mine Subsidence Insurance Fund’s (IMSIF) motion to dismiss, a railroad company amended its Illinois federal court complaint on Jan. 15, seeking declarations and injunctive relief over the IMSIF’s pursuit of reimbursement as subrogee for mine subsidence claims the reinsurer paid on behalf of subrogor property owners.
-
January 19, 2021
Reinsurer Seeks Damages From Insurer Shareholder’s Injunction Order Violations
SAN DIEGO — Odyssey Reinsurance Co., as judgment creditor to a shareholder of an insurer, filed suit on Jan. 5 in a California federal court seeking damages of $144,375 resulting from a homeowner agreement entered into by the shareholder in violation of injunction orders.
-
January 15, 2021
Bankruptcy Judge Orders Turnover Of Books, Records To Insurer’s Liquidators
NEW YORK — A former principal for PB Life and Annuity Co. Ltd. (PBLA) and his entities were ordered by a New York federal bankruptcy on Jan. 14 to turn over books and records to PBLA’s liquidators as well as attorney files relating to the administration of assets worth more than $1 billion.
-
January 15, 2021
Insurer, Reinsurer Seek To Dismiss Case Over Payments For Environmental Claims
LOS ANGELES — An insurer and a reinsurer in a Jan. 13 motion ask a California federal judge to dismiss a dispute over the reinsurer’s alleged failure to indemnify environmental claims payments.
-
January 14, 2021
Insurer, Reinsurer Update Court On Arbitration In Breach Of Contract Dispute
RIVERSIDE, Calif. — An insurer and a reinsurer continue to arbitrate their breach of contract case over $8.6 million in equipment breakdown claims with a final hearing scheduled, according to a Jan. 11 status report given to a California federal judge.
-
January 14, 2021
No Objection To Reinsurer’s Bond, Stay Pending Appeal Of Asbestos Claims Liability Ruling
NEW YORK — An excess insurer tells a New York federal judge in a Jan. 11 response that it does not object to a supersedeas bond and stay pending a reinsurer’s appeal of a ruling that it must pay part of a $35 million asbestos claims settlement and a prejudgment interest award of $2.9 million.
-
January 12, 2021
Judge Dismisses ERISA Third-Party Claim In Self-Insured Employee Benefit Plan Case
SANTA ANA, Calif. — A payroll services company was not a fiduciary that had a role in any alleged negligent failure to obtain reinsurance coverage for a self-insured employee benefit plan, a California federal judge ruled Jan. 7, dismissing a third-party claim filed by the plan’s third-party administrators for relief under Employee Retirement Income Security Act.
-
January 11, 2021
Insurers: Settlement Possible In Dispute Over Rights Under Reinsurance Agreements
SAN FRANCISCO — Following a Jan. 6 status report from ceding insurers to a California federal court on a pending notice of settlement, the initial case management conference was pushed back a month for the insurers’ case over whether a loss portfolio transfer canceled or impacted their rights under various reinsurance agreements.
-
January 08, 2021
‘Claw Back’ Payments Were Amended In Reinsurance Agreements, Agent Asserts
FORT WORTH, Texas — Amendments to quota share reinsurance agreements regarding “claw back” payments went immediately into effect and removed future obligations, an insurance agent argues in its Jan. 7 summary judgment motion to Texas federal court.
-
January 08, 2021
Global Hawk Property And Casualty Insurance Company Placed Into Liquidation
WILMINGTON, Del. — Global Hawk Property and Casualty Insurance Co. was placed into liquidation by a Delaware vice chancellor on Jan. 7, and the state’s insurance commissioner was appointed as the insurer’s receive.
-
January 07, 2021
FEMA Reinsures $1.15B Of National Flood Insurance Program’s Risk For 2021
WASHINGTON, D.C. — The National Flood Insurance Program (NFIP) had $1.15 billion of its risk transferred to the private reinsurance market to assist with catastrophic flood losses, according to a Jan. 5 press release from the Federal Emergency Management Agency (FEMA).
-
January 06, 2021
Reinsurer: No Reimbursement Required For $12.5M Police Excessive Force Settlement
SEATTLE — An association of state public entities is not entitled to damages because its claims for a $12.5 million police excessive force settlement fail a reinsurance agreement’s requirements for indemnification and reimbursement, a reinsurer tells a Washington federal court in a Dec. 2 answer.
-
January 06, 2021
Willis Re Opposes Preliminary Injunction On Nonsolicitation Clause, Seeks Case’s Dismissal
SAN JUAN, Puerto Rico — Willis Re Inc. in separate Dec. 17 reply briefs offers further support on why a Puerto Rico federal court should deny a former employee’s preliminary injunction over an employment agreement’s nonsolicitation clause and why the case should be dismissed or transferred to a Florida venue.
-
January 05, 2021
Reinsurer Seeks Dismissal Of Statutory Claims, Adding Of Entities To Insurer’s Dispute
GALVESTON, Texas — A reinsurer argues in a Dec. 30 reply brief that a Texas federal court should dismiss a health insurer’s statutory claims and order three entities of the insurer to be added to the insurer’s dispute concerning the reinsurer’s refusal to reimburse $1,145,236.33 under an HMO excess reinsurance agreement for a patient’s care before a heart transplant.
-
January 05, 2021
Reinsurer Appeals Orders On Liability, Prejudgment Interest In Favor Of Excess Insurer
NEW YORK — A reinsurer gave notice on Dec. 30 that it is appealing a New York federal judge’s finding that the reinsurer is responsible for its part of an excess insurer’s $35 million asbestos claims settlement and award of $2,966,993.31 prejudgment interest to the insurer.
-
January 05, 2021
Agent Opposes Reinsurer’s Breach Of Contract Counterclaim Over ‘Claw Back’ Payments
FORT WORTH, Texas — A Cayman Islands reinsurer should take nothing for its breach of contract counterclaim in a dispute over “claw back” payments in quota share reinsurance agreements, an insurance agent tells a Texas federal court in a Dec. 28 answer.
-
January 05, 2021
Judge Seeks Cause On Why Not To Dismiss Insurer’s Dispute Against Reinsurer
LOS ANGELES — A California federal judge on Dec. 16 asked an insurer and a reinsurer to give cause as to why the judge should not dismiss with prejudice their dispute concerning the reinsurer’s alleged failure to indemnify the insurer for payments made for environmental claims.
-
December 31, 2020
Insurer’s Liquidators Seek Books, Records In Bankruptcy Court Regarding $1B In Assets
NEW YORK — Liquidators for PB Life and Annuity Co. Ltd. (PBLA) ask a New York federal bankruptcy court in a Dec. 21 motion to compel the turnover of books and records in the possession of affiliates to PBLA’s former principal as well as attorney files as they relate to the administration of more than $1 billion in assets.