Mealey's Reinsurance

  • November 17, 2020

    Reinsurer: Prejudgment Interest Should Start 90 Days After Insurer’s Billings

    NEW YORK — Following a judgment that it is responsible for part of a $35 million asbestos claims settlement, a reinsurer asks a New York federal judge in a Nov. 12 letter to award prejudgment interest to an insurer beginning 90 days after submission of the invoices (Fireman’s Fund Insurance Company v. OneBeacon Insurance Company, No. 14-4718, S.D. N.Y.).

  • November 16, 2020

    Woman:  Excess Insurer, Reinsurer Must Indemnify In Personal Injury Lawsuit

    OKLAHOMA CITY — A plaintiff in a personal injury lawsuit tells an Oklahoma federal court in a Nov. 12 motion for summary judgment that an excess insurer owes coverage to a telecommunications company and that the insurer and a reinsurer have a duty to indemnify the telecommunications company in the underlying suit involving one of the company’s drivers (Star Insurance Company v. K&J Telecommunications, LLC, et al., No. 19-960, W.D. Okla.).

  • November 13, 2020

    Former New York Governor Prevails In Former AIG Chief’s Defamation Suit

    CARMEL, N.Y. — A former chairman and CEO of American International Group Inc. (AIG) cannot prove actual malice on the part of former New York Gov. Eliot L. Spitzer by “clear and convincing evidence” in his defamation suit arising out of accusations that the AIG chairman made improper reinsurance transactions, a New York justice held Nov. 12 (Maurice R. Greenberg v. Eliot L. Spitzer, No. 800004/2018, N.Y. Sup., Putnam Co., 2020 N.Y. Misc. LEXIS 8517).

  • November 13, 2020

    Judge Grants Leave To Add Claims For Bad Faith, IFCA Violations Against Reinsurer

    SEATTLE — An association of state public entities was granted leave by a Washington federal judge on Nov. 12 to amend its complaint to add claims for bad faith claims handling and violations of the Washington Insurance Fair Conduct Act (IFCA) against its reinsurer (Washington Cities Insurance Authority v. Ironshore Indemnity Inc., No. 19-54, W.D. Wash.).

  • November 13, 2020

    Insurer: $2.7M Asbestos Billings Are Covered Under Reinsurance Certificate

    NEW YORK — Utica Mutual Insurance Co. argues in its Nov. 5 reply brief that the Second Circuit U.S. Court of Appeals should apply the contract language as drafted in a 1973 reinsurance certificate and, thus, reject a reinsurer’s “invitation to create blanket interpretations for all reinsurance and insurance contracts without reference to that language” (Utica Mutual Insurance Company v. Munich Reinsurance America, Inc., No. 19-1241, 2nd Cir.).

  • November 13, 2020

    Reinsurer Cannot Relitigate Reimbursement Claim, Railroad Company Says

    SPRINGFIELD, Ill. — A railroad company on Oct. 20 filed a complaint asking an Illinois federal court for declaratory and injunctive relief barring the Illinois Mine Subsidence Insurance Fund (IMSIF) from pursuing litigation for reimbursement over an alleged mine subsidence claim because the reinsurer is collaterally estopped from relitigating the claim (Union Pacific Railroad Company v. Illinois Mine Subsidence Insurance Fund, No. 20-3281, C.D. Ill.).

  • November 13, 2020

    Insurer, Reinsurer Seek To Enforce Investor’s $4.6M Promissory Note

    NEW YORK — An insurer and a reinsurer filed a complaint on Nov. 4 asking a New York federal court to enforce a promissory note worth more than $4.6 million tied to their reinsurance arrangement for an in-force book of disability income business (Pan-American Life Insurance Company, et al. v. Antarctica Capital Management, LLC, et al., No. 20-9236, S.D. N.Y.).

  • November 13, 2020

    California Insurance Company Files Anti-SLAPP Motion In Light Of Rehabilitation Plan

    REDWOOD CITY, Calif. — In response to the California insurance commissioner’s recent rehabilitation plan against it, California Insurance Co. (CIC) filed an anti-SLAPP motion on Oct. 29 in a California state court, alleging that political motivations were behind its conservatorship and seeking to protect its First Amendment rights (Insurance Commissioner of the State of California v. California Insurance Company, No. 19CIV06531, Calif. Super., San Mateo Co.).

  • November 11, 2020

    Reinsurer, Insurance Agent’s Case Over ‘Claw Back’ Payments Is Ripe, Judge Says

    FORT WORTH, Texas — A declaratory judgment dispute between a Cayman Islands reinsurer and an insurance agent regarding “claw back” payments in a quota share reinsurance agreement is ripe, a Texas federal judge held Nov. 10, declining to dismiss (Contractor Managing General Insurance Agency, Inc. v. Greenlight Reinsurance, Ltd., No. 20-996, N.D. Texas).

  • November 10, 2020

    Trucking Companies Seek Costs For Compelling Plan Administrators To Discovery

    SANTA ANA, Calif. — Trucking companies ask a California federal court in a Nov. 9 motion to order third-party administrators for a self-insured employee benefit plan to reimburse $5,541.25 in expenses incurred by the companies in filing a motion to compel the administrators to discovery in their dispute alleging a negligent failure to obtain reinsurance coverage for the plans (A&I Transport, Inc., et al. v. KG Administrative Services, Inc., et al., No. 19-1992, C.D. Calif.).

  • November 09, 2020

    Trust: Harm Was Not Part Of Class Settlement For Life Insurance Fraud Scheme

    RICHMOND, Va. — A family trust argues to the Fourth Circuit U.S. Court of Appeals in a Nov. 6 reply brief that a deficit account harm that is distinct from a cost of insurance (COI) harm was not litigated or negotiated as part of a class settlement for an alleged life insurance fraud scheme that shifted debt to reinsurers (1988 Trust for Allen Children Dated 8/8/88 – Marianne E. & Laurie Allen and Nora V. Gitz, as Trustees v. Banner Life Insurance Co., et al., No. 20-1630, 4th Cir.).

  • November 09, 2020

    COMMENTARY: Can Businesses ‘Waive’ Goodbye To COVID 19 Liability? Basic Principles Of Third Party Liability Waivers And CGL Insurance Protections

    By Gabrielle Sigel, Jan A. Larson, Sara M. Stappert and Anna W. Margasinska

  • November 09, 2020

    Hedge Funds Liquidators: Punitive Damages, Incentive Fees Should Not Be Excluded

    NEW YORK — Before trial in an aiding and abetting lawsuit over the collapse of hedge funds, the hedge funds liquidators argue in a Nov. 5 omnibus sur-reply that a New York federal court should decline a request by a former member of Platinum Management (NY) LLC to preclude evidence on incentive fees and punitive damages (In re Platinum-Beechwood Litigation, No. 18-6658, Martin Trott, et al. v. Platinum Management [NY] LLC, et al., No. 18-10936, S.D. N.Y.).

  • October 23, 2020

    COMMENTARY: What Is An Impermissible Collateral Attack On An Arbitration Ruling?

    By Robert M. Hall

  • November 03, 2020

    ‘Georgia Access Model,’ Reinsurance Program Given Stamp To Replace ACA Market

    WASHINGTON, D.C. — The Centers for Medicare and Medicaid Services (CMS) on Nov. 1 approved the state of Georgia’s health insurance plan, which includes the implementation of a reinsurance program and lowering of individual marketplace insurance premiums, to change how its residents can buy health insurance.

  • November 03, 2020

    Government Asks For Debt Setoffs From Insolvent Insurers In ACA Risk-Corridor Case

    WASHINGTON, D.C. — The government in an Oct. 30 amended answer and counterclaim filed in the U.S. Court of Federal Claims seeks setoffs against risk-corridor liabilities it owes to largely insolvent insurers under the Patient Protection and Affordable Care Act (ACA) risk corridor (Health Republic Insurance Co. v. United States, No. 16-259C, Fed. Clms.).

  • October 30, 2020

    Reinsurer Is Entitled To $239,238.88 From Trust As Property, Federal Judge Says

    SAN DIEGO — A California federal judge on Oct. 29 ruled that Odyssey Reinsurance Co., a judgment creditor, is entitled to $239,238.88 as property in a trust belonging to a principal of an insurance agency that had been found in breach of a series of reinsurance agreements (Odyssey Reinsurance Company v. Richard Keith Nagby, et al., No. 16-3038, S.D. Calif.).

  • October 29, 2020

    2nd Circuit: Appeal Dismissed Over Arbitration For New Reinsurance Billings

    NEW YORK — The Second Circuit U.S. Court of Appeals on Oct. 15 noted that an appeal was withdrawn over a lower court’s stay of an insurer’s new arbitration of reinsurance billings for asbestos losses because a prior arbitration panel retained jurisdiction to decide the matter (Chicago Insurance Company v. General Reinsurance Corporation, et al., No. 19-3615, 2nd Cir.).

  • October 28, 2020

    Class Opposes Dismissal Of Securities Action Against Reinsurer, Former Officers

    CAMDEN, N.J. — A reinsurer and former officers cannot dispute allegations that they knowingly failed to disclose that the reinsurer’s stated reserves did not align with historical data, lead securities class plaintiffs argue to a New Jersey federal court in an Oct. 26 brief opposing dismissal of their case (In re Maiden Holdings, Ltd. Securities Litigation, No. 19-05296, D. N.J.).

  • October 28, 2020

    Judge:  Boy Scouts’ Insurer, Underwriters Must Arbitrate Reinsurance Billings Dispute

    BOSTON — A dispute between an insurer for the Boy Scouts of America (BSA) and certain underwriters over reinsurance billings for the insurer’s settlements of sexual molestation claims must be arbitrated, according to a Massachusetts federal judge’s Oct. 26 docket entry denying reconsideration of her ruling from earlier this year (Century Indemnity Co. v. Certain Underwriters at Lloyd’s, London, No. 19-11056, D. Mass.).

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