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Mealey's Reinsurance

  • January 8, 2019

    Insurer, Reinsurer: Panel Deliberations Postponed In $3.85M Dispute

    NEW YORK — An insurer and reinsurer notified a New York federal judge on Jan. 4 that arbitration panel deliberations in their $3.85 million reinsurance dispute involving underlying workers’ compensation losses will be postponed (In re arbitration between National Union Fire Insurance Company of Pittsburgh, PA v. Federal Insurance Co., No. 16-8821, S.D. N.Y.).

  • January 8, 2019

    Reinsurer Asks Court To Reopen Discovery On Insurer’s Alleged Damages

    NEW YORK — In a reinsurance dispute involving a trucking accident, a reinsurer on Jan. 3 asked that a New York federal judge reopen discovery in the case so that it can conduct depositions regarding an insurer’s calculation of alleged damages (Endurance Assurance Corp. v. Florists’ Mutual Insurance Co., et al., No. 16-09955, S.D. N.Y.).

  • January 4, 2019

    Federal Judge Confirms $337,034 Reinsurance Arbitration Award

    NEW YORK — Pursuant to a retrocessional contract that covered ceded asbestos and pollution losses, a New York federal judge on Jan. 2 confirmed Continental Insurance Co.’s petition for an arbitration award requiring AXA Versicherung AG to pay $337,034, plus interest (Continental Insurance Co. v. AXA Versicherung AG, No. 18-7349, S.D. N.Y., 2019 U.S. Dist. LEXIS 583).

  • January 3, 2019

    Run-Off Insurer Files 2nd Amended Complaint Against Reinsurer, Its Entities

    NEW YORK — After a New York federal judge’s dismissal of tort and quasi-contract claims against a reinsurer and its entities, a run-off insurer filed a second amended complaint on Dec. 28 in its dispute over the alleged mismanagement and misuse of $320 million (Senior Health Insurance Company of Pennsylvania v. Beechwood Re Ltd., et al., No. 18-6658, S.D. N.Y.).

  • January 3, 2019

    Insurers Seek To Recover $20M In Reinsurance Billings In Breach Of Contract Case

    CONCORD, N.H. — In a breach of contract New Hampshire federal court lawsuit filed Dec. 21, insurers seek to recover $20 million in outstanding reinsurance billings, as well as a declaration that reinsurers are obligated to pay their respective shares of those billings (United States Fire Insurance Co., et al. v. Equitas Insurance Ltd., et al., No. 18-01205, D. N.H.).

  • January 3, 2019

    Farmers Denied Request To Supplement Record Against Insurers, Federal Agencies

    DETROIT — A Michigan federal judge on Dec. 21 denied a motion for supplementation of the administrative record filed by a putative class of farmers in their lawsuit against crop insurers and the federal agencies that reinsure their policies (Gregory Ackerman, et al. v. U.S. Department of Agriculture, et al., No. 17-11779, E.D. Mich., 2018 U.S. Dist. LEXIS 215329).

  • January 2, 2019

    Magistrate Judge: No Error In Ruling Denying Claim Under Federally Reinsured Crop Policy

    FRESNO, Calif. — A California federal magistrate judge on Dec. 28 found that a government agency properly upheld through the agency’s good farming practices determination a farmer’s denied claim under a federally reinsured crop insurance policy (Kewal Singh v. Federal Crop Insurance Corp., No. 17-01373, E.D. Calif., 2018 U.S. Dist. LEXIS 217559).

  • December 21, 2018

    Judge Administratively Closes RICO Action Over Reinsurance Premium Kickback Scheme

    TRENTON, N.J. — A New Jersey federal judge on Dec. 4 administratively terminated a case alleging violations of the Racketeer Influenced and Corrupt Organizations Act based on a scheme on lender-placed insurance (LPI) involving the use of kickbacks, including reinsurance premiums (Edward Leo v. Nationstar Mortgage LLC of Delaware, et al., No. 17-05839, D. N.J.).

  • December 21, 2018

    Run-Off Insurer Seeks To Add Claims In Case Over Funds Mismanagement

    NEW YORK — A run-off insurer in a Dec. 15 motion seeks to add a fraudulent inducement claim regarding a $50 million investment against an individual defendant as well as civil conspiracy, aiding and abetting the breach of fiduciary duty and fraud claims to its New York federal court lawsuit against a reinsurer and its entities (Senior Health Insurance Company of Pennsylvania v. Beechwood Re Ltd., et al., No. 18-6658, S.D. N.Y.).

  • December 21, 2018

    Health Insurer, Reinsurer Reach Settlement In Breach Of Contract Case

    MIAMI — An international health insurer and an excess reinsurer gave notice on Dec. 11 to a Florida federal court of their settlement agreement in their breach of contract lawsuit dispute (VIP Universal Medical Insurance Group Ltd. v. BF&M Life Insurance Company Ltd., et al., No. 17-24633, S.D. Fla., 2018 U.S. Dist. LEXIS 199569).

  • December 20, 2018

    Home’s Liquidator Seeks Approval Of Settlement Agreement With Reinsurer

    CONCORD, N.H. — The New Hampshire insurance commissioner on Dec. 3 sought approval of a settlement agreement reached with a reinsurer in a state trial court’s liquidation of The Home Insurance Co. (In the matter of the liquidation of The Home Insurance Co., No. 03-E-0106, N.H. Super., Merrimack Co.).

  • December 20, 2018

    Insolvent Insurer’s Receiver: Settlement Reached With Reinsurance Intermediaries

    OKLAHOMA CITY — An insolvent insurer’s receiver told an Oklahoma federal judge on Dec. 18 that a settlement has been reached with reinsurance intermediaries over a claim of negligence in reinsurance services provided to the insurer (Oklahoma, et al. v. Axiom Re LP, et al., No. 17-484, Oklahoma, et al. v. Brown & Brown Insurance Inc., et al., No. 17-700, W.D. Okla.).

  • December 20, 2018

    Judge Orders Hearing On Continuance Of Trial In False Insurance Claims Case

    LEXINGTON, Ky. — A Kentucky federal judge on Dec. 17 ordered a hearing to address whether he should again continue a jury trial in a lawsuit alleging that farmers defrauded the United States through the filing of false insurance claims reimbursed by the U.S. Department of Agriculture (USDA) and by making false statements and reports in connection with the federally reinsured crop insurance program (United States v. Bradley Price, et al., No. 18-cr-60, E.D. Ky.).

  • December 19, 2018

    Reinsurers’ Motion For Reconsideration Opposed Based On Lack Of Basis

    WASHINGTON, D.C. — In a dispute over a $26 million arbitration award, a financial services company argues in a Dec. 17 brief that reinsurers provide no basis for a District of Columbia federal judge to reconsider his ruling allowing claims against the reinsurers for breach of an implied-in-fact contract, promissory estoppel and unjust enrichment to be added (Vantage Commodities Financial Services I, LLC v. Assured Risk Transfer PCC, LCC, et al., No. 17-01451, D. D.C.).

  • December 13, 2018

    Class Certification Sought In Disputes Over Reinsurance Participation Agreement

    SACRAMENTO, Calif. — In two putative class actions over a reinsurance participation agreement (RPA) of hundreds of California businesses that bought a workers’ compensation program, plaintiffs argue in a Dec. 11 brief that a California federal court should certify a class because whether the program and RPA are illegal is a common question for all class members (Shasta Linen Supply Inc. v. Applied Underwriters Inc., et al., No. 16-00158, Pet Food Express Ltd., et al. v. Applied Underwriters Inc., et al., No. 16-01211, E.D. Calif.).

  • December 13, 2018

    Judge Issues Final Judgment To Reinsurer In $1.3M Breach Of Contract Case

    MONTGOMERY, Ala. — In a $1.3 million breach of contract dispute between a nonprofit public insurer and a reinsurer, an Alabama federal judge on Dec. 7 issued a final judgment in favor of the reinsurer based upon an arbitration panel’s recent award (Alabama Municipal Insurance Corp. v. Munich Reinsurance America Inc., No. 16-948, M.D. Ala.).

  • December 13, 2018

    Hedge Fund Liquidators Bring Fraud, Conspiracy Claims In Federal Court

    NEW YORK — Liquidators for two hedge funds filed a conspiracy and fraud complaint on Nov. 21 in a New York federal court in connection “with one of the most spectacular hedge fund collapses in recent memory” in which funds with an alleged net asset value (NAV) of nearly $1 billion turned out to not only be insolvent but also to have liabilities between $400 million and $800 million (Martin Trott, et al. v. Platinum Management (NY) LLC, et al., No. 18-10936, S.D. N.Y.).

  • December 12, 2018

    Plaintiffs Allege Captive Insurance Scheme Concerning Federal, State Tax Benefits

    PHOENIX — In a 140-page class action complaint filed Dec. 7, plaintiffs are seeking damages in an Arizona federal court for participants hurt by an alleged captive insurance scheme and unlawful conspiracy involving captive insurance strategies that would provide non-tax benefits (Dimitri Shivkov, et al. v. Artex Risk Solutions Inc., et al., No. 18-cv-04514, D. Ariz.).

  • December 12, 2018

    Judge Dismisses In Part Run-Off Insurer’s Claims Against Reinsurers, Entities

    NEW YORK — In a dispute over the alleged mismanagement and misuse of $320 million, a New York federal judge on Dec. 7 dismissed in part a run-off insurer’s tort and quasi-contract claims against a reinsurer and its entities but allowed the insurer to amend its complaint to assert additional allegations for some of the claims (Senior Health Insurance Company of Pennsylvania v. Beechwood Re Ltd., et al., No. 18-6658, S.D. N.Y., 2018 U.S. Dist. LEXIS 206536).

  • December 12, 2018

    Fact Issues Exist On Amount Due Under Reinsurance Participation Agreement

    OMAHA, Neb. — In a dispute over an alleged breach of a reinsurance participation agreement (RPA), a Nebraska federal judge on Dec. 6 found that genuine issues of material fact exist regarding the amount due pursuant to the parties’ agreement, precluding summary judgment (Applied Underwriters Captive Risk Assurance Company Inc. v. Beemac Driver Management LLC, et al., No. 16-382, D. Neb., 2018 U.S. Dist. LEXIS 205825).