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Mealey's Reinsurance

  • February 4, 2019

    Judge Receives Letters On Production Of Documents In Fraud Case Against Reinsurer

    WHITE PLAINS, N.Y. — Letters written to a New York federal judge on Jan. 31 address whether an investment group and its founder should be forced to produce documents under an arbitration panel’s summonses in a fraud case against a reinsurer and a hedge fund (Washington National Insurance Co. v. OBEX Group LLC, et al., No. 18-9693, S.D. N.Y.).

  • February 1, 2019

    Reinsurer Seeks Partial Dismissal Of Run-Off Insurer’s $320M Mismanagement Case

    NEW YORK — A reinsurer and its entities argue in a Jan. 29 reply brief that a run-off insurer fails to assert claims for breach of fiduciary duty and fraud in a New York federal court 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.).

  • February 1, 2019

    French Insurer Responds To Reinsurer’s Breach Of Trust Accusations

    LONDON — A French mutual insurance company calls a French reinsurer’s accusations of breach of trust “groundless” in a Jan. 30 press release in which the insurer responds to the reinsurer’s announcement that it would be filing criminal actions after a merger failed.

  • January 30, 2019

    Washington Public Entities Sue Reinsurer For Breach Of Contract In Federal Court

    SEATTLE — An association of Washington public entities alleges in a Jan. 11 complaint that a reinsurer breached its contract regarding settlement of an underlying lawsuit over police officers’ alleged excessive force (Washington Cities Insurance Authority v. Ironshore Indemnity Inc., No. 19-00054, W.D. Wash.).

  • January 30, 2019

    Federally Reinsured Crop Insurer Issued Preliminary Injunction From Judge

    OMAHA, Neb. — A federally reinsured crop insurer was granted a preliminary injunction against a former employee by a Nebraska federal judge on Jan. 18 with regard to soliciting business for a new employer from the insurer’s clients (Farm Credit Services of America FLCA v. Kathy Mens, No. 19-14, D. Neb., 2019 U.S. Dist. LEXIS 9659).

  • January 30, 2019

    Reinsurer Says Breach Of Contract, Unjust Enrichment Claims Fail In Federal Court

    MIAMI — A reinsurer in a Jan. 29 motion seeks to dismiss breach of contract, civil theft and unjust enrichment claims filed in a Florida federal court against it in a dispute also involving the government of the Republic of Nicaragua and a Nicaraguan insurer regarding a fire loss (Farouk Morales v. The Government of the Republic of Nicaragua, et al., No. 18-24301, S.D. Fla.).

  • January 30, 2019

    Bankruptcy Judge Uncertain Over Reinsurance Firm’s Delay Of Reimbursement

    WILMINGTON, Del. — In a Chapter 11 proceeding, a Delaware bankruptcy judge on Jan. 25 indicated uncertainty about whether a reinsurance firm is able to delay a $1.25 million payment as reimbursement owed to a stalking horse bidder that did not win an auction for the bankruptcy sale of the company (In re Scottish Holdings Inc., et al., No. 18-10160, D. Del. Bkcy.).

  • January 30, 2019

    Class Certification Denied By Judge In Reinsurance Participation Agreement Cases

    SACRAMENTO, Calif. — A California federal judge on Jan. 29 denied class certification in two putative class actions over a reinsurance participation agreement (RPA) entered into by hundreds of California businesses when they bought a workers’ compensation program (Shasta Linen Supply Inc. v. Applied Underwriters Inc., et al., No. 16-158, Pet Food Express Ltd., et al. v. Applied Underwriters Inc., et al., No. 16-1211, E.D. Calif., 2019 U.S. Dist. LEXIS 14286).

  • January 30, 2019

    Trial Briefs Submitted In Reinsurance Coverage Case Over Mine Damages

    SPRINGFIELD, Ill. — In a reinsurance coverage dispute over payment for mine subsidence damages, parties on Jan. 25 filed their proposed findings of fact and conclusions of law ahead of a scheduled bench trial in an Illinois federal court (Illinois Mine Subsidence Insurance Fund v. Union Pacific Railroad Co., No. 17-3199, C.D. Ill., 2019 U.S. Dist. LEXIS 7355).

  • January 30, 2019

    Judge Dismisses Insurer’s Liquidator’s Case Over Owed Reinsurance Proceeds

    NEW YORK — A New York federal judge on Jan. 28 dismissed with prejudice a dispute by the liquidator for Home Insurance Co. against a reinsurer over proceeds allegedly owed to the insurer under three facultative reinsurance certificates (Roger A. Sevigny v. Trygvesta Forsikring A/S, Trygvesta Forsikring A/S v. Cerberus Holding Company LLC, No. 16-4874, S.D. N.Y.).

  • January 28, 2019

    Reinsurers Seek Dismissal Of Breach Of Implied Contract, Unjust Enrichment Claims

    WASHINGTON, D.C. — In a dispute over a $26 million arbitration award, reinsurers in a Jan. 23 motion seek to dismiss a financial service company’s amended complaint asserting breach of an implied-in-fact contract, promissory estoppel and unjust enrichment claims in a District of Columbia federal court (Vantage Commodities Financial Services I, LLC v. Assured Risk Transfer PCC, LCC, et al., No. 17-01451, D. D.C., 2019 U.S. Dist. LEXIS 8059).

  • January 25, 2019

    Discovery Unresolved In RICO Action Over Reinsurance Premium Kickback Scheme

    TRENTON, N.J. — A New Jersey federal judge on Jan. 23 noted that parties were unable to resolve disputes concerning discovery requests in a case alleging violations of the Racketeer Influenced and Corrupt Organizations (RICO) 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.).

  • January 25, 2019

    Testimony Sought To Be Barred In Case Over Trustee’s Role For Insolvent Insurer

    COLUMBIA, S.C. — A bank sued for its role as trustee of a reinsurance trust for an insolvent insurer argues in Jan. 22 reply briefs that a South Carolina federal court should exclude undisclosed expert and damages testimony, a liability expert and evidence related to government investigations (Accident Insurance Company Inc. v. U.S. Bank National Association, et al., No. 16-2621, D. S.C.).

  • January 25, 2019

    Reinsurer, Insurer Settle Trucking Accident Dispute In New York Federal Court

    NEW YORK — A reinsurer and insurer told a New York federal judge on Jan. 22 that they have reached a settlement agreement in their reinsurance dispute over a trucking accident claim (Endurance Assurance Corp. v. Florists’ Mutual Insurance Co., et al., No. 16-09955, S.D. N.Y.).

  • January 23, 2019

    Homeowners: Error In Dismissal Of Claims Against Banks, Affiliated Reinsurer

    PHILADELPHIA — Homeowners argue in their Jan. 18 reply brief to the Third Circuit U.S. Court of Appeals that a Pennsylvania federal judge erred in dismissing claims for violations of the Real Estate Settlement Procedures Act (RESPA) and unjust enrichment in their putative class action alleging a captive reinsurance scheme between banks and an affiliated reinsurer (Christopher Blake, et al. v. JPMorgan Chase Bank, N.A., et al., No. 18-2368, 3rd Cir.).

  • January 22, 2019

    Judge Enforces Summonses Against Investment Group In Reinsurer’s Fraud Case

    WHITE PLAINS, N.Y. — An arbitration panel’s summonses against an investment group and its founder in a fraud case against a reinsurer and a hedge fund were enforced by a New York federal judge on Jan. 18, granting an insurer’s petition to enforce (Washington National Insurance Co. v. OBEX Group LLC, et al., No. 18-9693, S.D. N.Y., 2019 U.S. Dist. LEXIS 9300).

  • January 22, 2019

    Insolvent Insurer: No Appeal Filed In Arbitration Dispute With British Reinsurers

    NEW YORK — A receiver for an insolvent insurer in a Jan. 18 letter tells a New York federal judge to ignore a notice of appeal in a dispute over reinsurance payments for construction site injuries because the appeal was not filed by the insurer (Certain Underwriting Members of Lloyds of London, et al. v. Insurance Company of the Americas, Nos. 16-323 & 16-374, S.D. N.Y.).

  • January 22, 2019

    Reconsideration Declined On Continuance In Reinsurer’s Dispute Over $3.2M Judgment

    SAN DIEGO — A California federal judge on Jan. 16 refused to reconsider a ruling allowing a continuance of pretrial conference and related dates in a reinsurer’s dispute over a $3.2 million judgment (Odyssey Reinsurance Co. v. Richard Keith Nagby, et al., No. 16-3038, S.D. Calif.).

  • January 22, 2019

    Third Amended Complaint Filed Over Insurance Agency’s Alleged Disparagement

    TULSA, Okla. — A distributor of self-insurance products alleges in a third amended complaint filed Jan. 16 in an Oklahoma federal court that an insurance agency and agent disparaged it with a false and misleading representation of its reinsurance problems during the promotion of a competitor’s products to Oklahoma school districts (The Sandner Group – Alternative Risk Solutions Inc. v. BancFirst Insurance Services Inc., et al., No. 18-0265, N.D. Okla.).

  • January 18, 2019

    Funds’ Receiver Seeks Redress For ‘Massive Fraudulent Scheme’

    NEW YORK — A receiver for funds seeks redress in a Dec. 19 complaint filed in a New York federal court for a “massive fraudulent scheme masterminded by the now indicted and/or convicted insiders” of Platinum Partners Credit Opportunities Master Fund LP (PPCO funds) (Melanie L. Cyganowski, as equity receiver for Platinum Partners Credit Opportunities Master Fund LP, et al. v. Beechwood Re Ltd., et al., No. 18-12018, S.D. N.Y.).