Mealey's Reinsurance

  • April 13, 2022

    Objectors To Asset Sale Procedures Argue Discovery Provision Is A ‘Death-Trap’

    NEW YORK — Several entities on April 12 objected to or opposed a request by the joint provisional liquidators (JPLs) of Bermuda insurer and reinsurer PB Life and Annuity Co. Ltd. (PBLA) and other debtors that a New York federal bankruptcy court approve procedures to sell the debtors’ assets, with one group arguing that the JPLs “have essentially constructed an objection ‘death-trap’ in order to obtain coerced and free discovery from third parties.”

  • April 13, 2022

    Parties Stipulate To Dismissal In Misconduct Settlement Reinsurance Row

    FLINT, Mich. — Pursuant to a stipulation between a captive insurer and a reinsurer, a Michigan federal judge on April 12 dismissed a suit over indemnification that arose from a $9.25 million settlement of sexual misconduct claims.

  • April 12, 2022

    Foreign Reinsurer Counterclaims Against Intermediary In Breach Of Contract Suit

    NEW YORK —Alleging that it followed the terms of their agreements but the plaintiff — an intermediary that helps clients access the U.S. program reinsurance market — did not, a foreign reinsurer on April 8 filed a motion for partial dismissal and an answer to allegations against it in New York federal court, asserting counterclaims including breach of contract.

  • April 11, 2022

    $33.5M In Payments To Cedents Get OK In Reinsurer’s Delinquency Proceeding

    WILMINGTON, Del. —  A Delaware vice chancellor on March 31 granted a motion under which some of a delinquent reinsurer’s cedents will receive payments for a portion of their losses before a rehabilitation plan for the reinsurer is approved.

  • April 08, 2022

    Former Execs Seek High Court Review Of Securities Fraud Conviction Reinstatements

    WASHINGTON, D.C. — Two former hedge fund executives convicted of securities fraud in an alleged scheme that involved a reinsurer and related entities petitioned the U.S. Supreme Court on March 29 for a writ of certiorari, urging resolution of a circuit split on a “fundamental question of criminal procedure.”

  • April 08, 2022

    Request To Adjourn Pretrial Conference Denied In Environmental Claims Row

    NEWARK, N.J. — In text-only orders issued March 26 and April 7 in a dispute over environmental investigation and remediation, a New Jersey federal magistrate judge denied a request by the defendants to adjourn the final pretrial conference and “to address the filing of dispositive motions,” then rescheduled that conference for May 2.

  • April 07, 2022

    Class Counsel Seeks $30.5M In Attorney Fees From COI Increase Settlement

    NEW YORK — Class counsel in a suit challenging a 2016 cost of life insurance (COI) increase on April 4 moved in New York federal court for an award of attorney fees “in the amount of $30,524,637.87 plus a pro rata share of the interest earned on the Settlement Fund.”

  • April 07, 2022

    3 Defendants Are Voluntarily Dismissed From Litigation Over Hedge Funds Collapse

    NEW YORK — On April 4, parties in consolidated aiding and abetting lawsuits over the collapse of hedge funds stipulated to and a New York federal judge signed an order of voluntary dismissal as to three defendants.

  • April 05, 2022

    New York Fiduciary Breach Claim Against Firm Survives Dismissal In Investment Row

    NEW YORK — Ruling that a claim for breach of fiduciary duty against a law firm was sufficiently alleged under New York law because one of the plaintiffs “had a reasonable expectation of trust and confidence,” a New York federal judge on March 31 granted the firm’s motion to dismiss on all other counts in a suit involving a promissory note and a reinsurance arrangement, allowing the plaintiffs limited leave to amend.

  • April 04, 2022

    Judge Compels Arbitration, Grants Dismissal In Maritime Insurance Bad Faith Row

    ANCHORAGE, Alaska — Rejecting arguments based on a service of suit clause, an Alaska federal judge on March 30 granted a motion to dismiss a breach of contract and bad faith case regarding maritime insurance and compel arbitration in England.

  • April 04, 2022

    Insolvent Insurers, Government Announce Settlement In ACA Risk-Corridor Dispute

    WASHINGTON, D.C. — Insolvent insurers and the U.S. government on March 31 filed a corrected stipulation for entry of partial judgment in the U.S. Court of Federal Claims based on their settlement of a lawsuit seeking a declaratory judgment that the U.S. government owes the insurers millions of dollars under the Patient Protection and Affordable Care Act (ACA) risk-corridor program.

  • April 01, 2022

    Order In Railroad’s Injunctive Relief Suit Pertains To Privity, Party In Interest

    SPRINGFIELD, Ill. — In a March 31 ruling concerning issues of privity and who is the real party of interest in a railroad company’s suit against a reinsurer seeking injunctive relief regarding mine subsidence claims, an Illinois federal judge allowed two partial claims to proceed after partly sustaining the plaintiff’s objections to a magistrate judge’s report and recommendations.

  • March 31, 2022

    Preliminary Injunction Motion Partly Granted In Insurer’s Unfair Competition Cases

    NEW YORK — Ruling on motions in related cases that allege misappropriation of confidential information and unfair competition, a New York federal judge on March 24 concluded in a memorandum order that an insurer’s “unauthorized use” of a rival’s financial data and business strategy for limiting large losses helped it secure a “competitively significant reinsurance contract.”

  • March 30, 2022

    Government Loses Bid For Strike, Default Judgment In Crop Reinsurance, FIRREA Row

    YAKIMA, Wash. — Noting that the Ninth Circuit U.S. Court of Appeals ordinarily disfavors default judgments, a Washington federal judge on March 28 denied a motion by the government to strike the answer of defendants in a suit over crop reinsurance and alleged violations of the Financial Institutions Reform and Recovery Enforcement Act (FIRREA) and enter final default judgment.

  • March 30, 2022

    Insurer’s Liquidators Seek Bankruptcy Court’s OK On Procedures To Sell Assets

    NEW YORK — The joint provisional liquidators (JPLs) of Bermuda insurer and reinsurer PB Life and Annuity Co. Ltd. (PBLA) and other debtors on March 28 asked a New York federal bankruptcy court to approve procedures to sell the debtors’ assets, saying that without approval, “the time and uncertainty associated with the sale of the Assets will likely lead to hesitation on behalf of potential buyers.”

  • March 29, 2022

    Tax Attorney In Microcaptive Insurance Case: Don’t Dismiss Disclosure Claim

    WEST PALM BEACH, Fla. — A tax attorney who alleges that the Internal Revenue Service treated her unfairly, disclosed confidential return information and “has sought to destroy the microcaptive insurance industry” on March 25 urged a Florida federal court to deny the government’s motion to dismiss her disclosure claim as untimely, arguing in part that she made a relevant discovery within the limitations period.

  • March 29, 2022

    Plaintiff Seeking Remand Named Self-Insurance Pool In Its Case Over Reimbursement

    DENVER — A school district on March 25 moved in Colorado federal court for remand of its suit over insurers’ alleged failure to reimburse for liability claim settlements, arguing lack of diversity based on an amended complaint in which it names as a defendant an excess of loss self-insurance pool (ELSIP) of which the district is a member.

  • March 25, 2022

    Parties Stipulate To Dismissal As To Last Defendant In Reinsurance Billings Row

    BOSTON — Parties in a reinsurance billings dispute over the allocation of a $120 million environmental claims settlement on March 23 filed a joint stipulation of dismissal as to what they said was the last remaining defendant in the action in Massachusetts federal court.

  • March 25, 2022

    Agreement Reported In Suit Over Collateral Obligations Under Reinsurance Agreement

    NEW YORK — A reinsurer on March 24 filed a notice of settlement in a New York federal court in a suit pertaining to collateral obligations under a reinsurance agreement; since September 2020, an insurer’s motion to amend or correct a July 2020 grant of summary judgment in the case has been pending and the reinsurer’s appeal has been stayed.

  • March 25, 2022

    Argument Set In Appeal Of Follow-The-Settlements Ruling Over Exhaustion Requirement

    NEW YORK — The Second Circuit U.S. Court of Appeals has set argument in a reinsurer and excess insurer’s dispute over an asbestos claims settlement allocation for May 20 before a panel, according to a March 22 docket entry.

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