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Mealey's Reinsurance

  • November 20, 2018

    Reinsurance Arbitration Award Confirmed In Sexual Molestation Coverage Case

    BOSTON — In a reinsurance coverage dispute over sexual molestation claims against Boy Scouts of America (BSA), a Massachusetts federal judge on Nov. 16 confirmed an arbitration award (Certain Underwriters at Lloyd’s London v. Century Indemnity Co., No. 18-12041, D. Mass.).

  • November 19, 2018

    Farmers Are Entitled To Actual Production History Yield Exclusion, Panel Says

    DENVER — In an Administrative Procedure Act challenge to the Federal Crop Insurance Corp.’s (FCIC) implementation of the Farm Crop Insurance Act (FCIA), the 10th Circuit U.S. Court of Appeals on Nov. 16 upheld a lower judge’s ruling that the text of the FCIA unambiguously entitled winter wheat farmers to the actual production history (APH) yield exclusion (Glenn Ausmus, et al. v. Sonny Perdue, et al., No. 17-1442, 10th Cir., 2018 U.S. App. LEXIS 32475).

  • November 19, 2018

    Judge Permits Claim For Implied-In-Fact Contract To Proceed Against Reinsurers

    WASHINGTON, D.C. — A District of Columbia federal judge on Nov. 16 allowed a financial services company to amend its complaint to assert claims against reinsurers for breach of an implied-in-fact contract, promissory estoppel and unjust enrichment in its case seeking to recover a $26 million arbitration award (Vantage Commodities Financial Services I, LLC v. Assured Risk Transfer PCC, LCC, et al., No. 17-01451, D. D.C., 2018 U.S. Dist. LEXIS 195588).

  • November 15, 2018

    Court Asked To Defer Conference In Life Insurer Breach Of Policy Case

    NEW YORK — In a class action alleging breach of policies by a life insurer’s unlawful increase of the premium costs to recoup costs associated with an acquisition, plaintiffs in a Nov. 12 letter ask a New York federal court to defer scheduling a premotion conference until jurisdictional motions are decided (Derek Fan, et al. v. Phoenix Life Insurance Co., et al., No. 18-01288, S.D. N.Y.).

  • November 13, 2018

    New Zealand High Court Places Reinsurer Into Liquidation

    AUCKLAND, New Zealand — The Auckland High Court ordered CBL Insurance Ltd., a New Zealand insurer and reinsurer, into liquidation on Nov. 12 (In the matter of CBL Insurance Ltd. in liquidation, No. CIV-2018-404-001667, New Zealand High, Auckland Registry).

  • November 13, 2018

    Insurer Does Not Oppose Reinsurers’ Petition To Confirm Arbitration Award

    BOSTON — Because the impact of an arbitration award on any reinsurance billings arising from sexual molestation claims against Boy Scouts of America (BSA) is not at issue, an insurer told a Massachusetts federal court on Nov. 9 that it does not oppose confirmation of the award (Certain Underwriters at Lloyd’s London v. Century Indemnity Co., No. 18-12041, D. Mass.).

  • November 13, 2018

    Insurer, Reinsurer Inform Alabama Federal Court Of Recent Arbitration Award

    MONTGOMERY, Ala. — A nonprofit public insurer and a reinsurer filed a joint status report on Nov. 9 telling an Alabama federal judge that an arbitration panel recently awarded judgment to the reinsurer in their $1.3 million breach of contract dispute (Alabama Municipal Insurance Corp. v. Munich Reinsurance America Inc., No. 16-948, M.D. Ala.).

  • November 12, 2018

    No Objection To Later Trial Date Over Charges Of Fraud On Crop Insurance

    LEXINGTON, Ky. — The U.S. government in a Nov. 8 brief says it does not object to a farmer’s motion in a Kentucky federal court to continue trial to a later date over accusations that he submitted false reports regarding federally reinsured crop insurance policies but deferred to the court’s “sound judgment” (United States v. Christopher G. Hickerson, No. 18-cr-00111, E.D. Ky.).

  • November 12, 2018

    Judge Grants Reinsurer’s Restraining Order Bid In Fraudulent Transfer Case

    SAN DIEGO — A California federal judge on Nov. 7 granted a reinsurer’s request for a temporary restraining order regarding the sale of property so a reinsurer recover assets it says were fraudulently transferred to avoid payment of a $3.2 million judgment (Odyssey Reinsurance Co. v. Richard Keith Nagby, et al., No. 16-3038, S.D. Calif.).

  • November 9, 2018

    Federal Judge Denies Costs To Insurance Agency Incurred In Separate Action

    TULSA, Okla. — In a lawsuit alleging disparagement through false and misleading representation of reinsurance problems, an Oklahoma federal judge on Nov. 7 denied a request by an insurance agency to award costs incurred in the voluntary dismissal of a separate Illinois federal action (The Sandner Group – Alternative Risk Solutions Inc. v. BancFirst Insurance Services Inc., et al., No. 18-0265, N.D. Okla., 2018 U.S. Dist. LEXIS 190242).

  • November 9, 2018

    Reinsurer Seeks Dismissal Of Breach Of Contract Case Based On Lack Of Contract

    MONTGOMERY, Ala. — In a breach of contract and bad faith case based on the denial of disability benefits, a reinsurer argues to an Alabama federal court in its Nov. 6 reply brief in further support of a motion to dismiss that no contract existed between it and an insured it (Horace R. Theriot Jr. v. The Northwestern Mutual Life Insurance Co., et al., No. 18-688, M.D. Ala.).

  • November 9, 2018

    Case Over Life Insurer’s Alleged Reinsurance Schemes Stayed Pending Mediation

    BALTIMORE — A Maryland federal judge on Nov. 6 stayed a dispute over a life insurer’s alleged hiding of its financial status under captive reinsurance schemes and the insurer’s cost of insurance (COI) rate increases pending the parties’ mediation efforts (Leslie S. Rich v. William Penn Life Insurance Company of New York, No. 17-2026, D. Md.).

  • November 9, 2018

    Insurer: No ‘Exceptional Circumstances’ To Consider On Collateral Estoppel Issue

    UTICA, N.Y. — In response to a reinsurer’s motion for reconsideration of a collateral estoppel issue in a dispute over settlements of asbestos claims, an insurer argues on Nov. 6 to a New York federal court that there are no “exceptional circumstances” warranting reconsideration (Utica Mutual Insurance Co. v. Century Indemnity Co., No. 13-995, N.D. N.Y.).

  • November 7, 2018

    Reinsurer Seeks Temporary Restraining Order Over Fraudulent Assets Transfer

    SAN DIEGO — In “the latest in a series of increasingly urgent efforts,” a reinsurer on Nov. 2 requests a temporary restraining order and order to show cause why a preliminary injunction should not be issued from a California federal court so that the reinsurer can recover assets that were fraudulently transferred to avoid payment of a $3.2 million judgment (Odyssey Reinsurance Co. v. Richard Keith Nagby, et al., No. 16-3038, S.D. Calif.).

  • November 7, 2018

    Farmer Seeks Later Trial Date Over Charges Of Fraud On Crop Insurance

    LEXINGTON, Ky. — Citing a “large volume of discovery,” a farmer accused by the U.S. government of submitting false reports regarding federally reinsured crop insurance policies on Nov. 2 asked a Kentucky federal court to continue trial to sometime after January (United States v. Christopher G. Hickerson, No. 18-cr-00111, E.D. Ky.).

  • November 6, 2018

    Insurer, Reinsurer Tell Judge: Arbitration Panel Decision Soon To Be Made

    NEW YORK — An insurer and reinsurer notified a New York federal judge on Nov. 2 that an arbitration hearing in their $3.85 million reinsurance dispute involving underlying workers’ compensation losses has been completed and that they are awaiting the arbitration panel’s decision (In re arbitration between National Union Fire Insurance Company of Pittsburgh, PA v. Federal Insurance Co., No. 16-8821, S.D. N.Y.).

  • November 6, 2018

    Reinsurance Trustee For Insolvent Insurer Says Claims Are Time-Barred

    COLUMBIA, S.C. — In South Carolina federal court, a bank sued for its role as trustee of a reinsurance trust for an insolvent insurer on Nov. 2 sought summary judgment against an insurer regarding claims for breach of contract, breach of fiduciary duty, negligence, negligent misrepresentation and civil conspiracy because those claims are time-barred (Accident Insurance Company Inc. v. U.S. Bank National Association, et al., No. 16-2621, D. S.C.).

  • November 6, 2018

    Insurer Seeks $1.8M From Reinsurer For Breach Of Contract

    PORTLAND, Ore. — A health insurer accuses its reinsurer in a Nov. 2 complaint in an Oregon federal court of breaching a reinsurance contract and seeks to recover $1.8 million for losses sustained from the breach (Moda Health Plan Inc. v. Swiss Re Life & Health America Inc., No. 18-01917, D. Ore.).

  • November 6, 2018

    Investor Adds Parties To Case Over Depletion Of Life Insurers’ Surplus Assets

    KANSAS CITY, Kan. — In a second amended complaint, an investor on Nov. 1 added additional parties to a Kansas federal court lawsuit alleging that defendants depleted life insurers’ surplus assets by reinsuring their risks with one another rather than using “arm’s-length reinsurance treaties” (Albert Ogles v. Security Benefit Life Insurance Co., et al., No. 18-02265, D. Kan.).

  • November 6, 2018

    Farmer Charged With Fraud Scheme Against Federal Crop Reinsurer

    LEXINGTON, Ky. — The U.S. government in a Nov. 1 indictment filed in a Kentucky federal court accuses a farmer of fraudulently submitting statements to a government agency that reinsures his crops (United States v. Keith Foley, No. 18-cr-00154, E.D. Ky.).