Mealey's Reinsurance
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September 08, 2023
1 Of Insurer’s 4 Suits Seeking Asbestos Settlement Reimbursement Is Dismissed
OMAHA, Neb. — One suit that National Indemnity Co. (NICO) filed against reinsurers in Nebraska federal court over the insurer’s $157.2 million settlement with Montana regarding alleged asbestos exposures has been dismissed with prejudice because no defendants remain after a wave of stipulations.
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August 31, 2023
Wrangling Over Automatic Bankruptcy Stay Continues In Letter Of Credit Fallout
WILMINGTON, Del. — Arguing that the filing of a Chapter 15 case violates a consent order, Chapter 11 debtor Vesttoo Ltd. and 48 affiliated entities on Aug. 30 asked a Delaware federal bankruptcy court to issue a contempt order and sanctions against Bermuda-based White Rock Insurance (SAC) Ltd. and “the putative joint provisional liquidators [JPLs] of segregated cells.”
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August 30, 2023
Bid For Non-Waiver And Clawback Order Fails In Microcaptive Summons Row
TAMPA, Fla. — Saying in part that two cases where the Internal Revenue Service agreed to entry of an order pursuant to Federal Rule of Evidence 502(d) are “distinguishable,” a Florida federal magistrate judge on Aug. 29 denied an insurance consultancy’s motion for a non-waiver and clawback order regarding material produced in response to an IRS summons.
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August 30, 2023
3rd Circuit Affirms Rulings Against Insured In Greenhouse Coverage Lawsuit
PHILADELPHIA — Upholding rulings in favor of a insurer and reinsurer in a dispute concerning an ozone system failure in a basil-growing greenhouse, a Third Circuit U.S. Court of Appeals panel on Aug. 29 said in part that the trial court did not abuse its discretion in finding two proposed witnesses to be unqualified.
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August 30, 2023
Defamation Claimed In 2nd Cross-Complaint Filed In Breach Suit
LOS ANGELES — In the second cross-complaint filed in a lawsuit in California state court involving allegations that a claim should have been covered by reinsurance of a shared risk incentive pool, a managed services organization (MSO) and its CEO allege defamation.
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August 29, 2023
Joint Statement Filed In Coverage Row Over Jet Leased To Russian Operator
SAN FRANCISCO — Plaintiffs in an international aviation insurance coverage dispute involving Russia’s invasion of Ukraine plan to initially focus depositions “on persons identified by the ‘War Risk’ insurers,” according to a filing in California state court.
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August 29, 2023
Appeal Of Dispute Over Arbitrator’s Firm’s Work For Reinsurer Is Dismissed
SANTA ANA, Calif. — A California appellate case over confirmation of an arbitration panel’s ruling against a university was dismissed after the parties filed a joint notice of settlement and a stipulation for dismissal, the case docket shows.
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August 28, 2023
Discovery Row Outlined In Insurer’s Suit Over Alleged Fraud Scheme
NEW YORK — An insurer that alleges it sustained losses exceeding $135 million due to “systematic breaches of fiduciary duty, fraud, and other misconduct” has asked a New York federal court for a discovery conference over disputes with four defendants, which argue in an Aug. 25 opposition that the request should be denied because “[g]ood cause exists to shift expenses of discovery.”
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August 25, 2023
Reinsurer Wins Permission To Seal 2 Agreements In Cleanup Costs Coverage Row
PADUCAH, Ky. — A Kentucky federal magistrate judge on Aug. 24 granted a motion to seal a third-party administrative services agreement (ASA) and a reinsurance agreement, saying the entities involved have a compelling interest that “outweighs the public’s interest in accessing” the documents and that redaction would be “impractical.”
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August 24, 2023
Enforcement Of Automatic Bankruptcy Stay Sought For Foreign Proceedings
WILMINGTON, Del. — Citing reports of litigation in Bermuda and Israel, Chapter 11 debtor Vesttoo Ltd. and 48 affiliated debtors moved in Delaware federal bankruptcy court for enforcement of the automatic stay against Bermuda-based White Rock Insurance (SAC) Ltd. and “the putative joint provisional liquidators [JPLs] of segregated cells.”
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August 23, 2023
Government Wins Partial Summary Judgment In False Claims Act Crop Case
YAKIMA, Wash. — Saying disputes raised are supported only by one defendant’s declaration and “do not address the material facts,” a Washington federal judge granted summary judgment for the government on two counts asserted under the False Claims Act (FCA) in a crop insurance case.
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August 22, 2023
Parties In Reinsurance Row Dispute Bifurcating Declaratory Judgment Claim
LOS ANGELES — Parties in a dispute over reinsurance billings have filed responses in a California court disagreeing on whether a declaratory judgment claim should be bifurcated, with the plaintiff saying it does not object to bifurcation and the defendants opposing bifurcation but saying it would be appropriate for the court to decide some factual issues before a jury trial.
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August 21, 2023
Judge Won’t Reconsider Procedural Holding In ACA Reinsurance Row
WASHINGTON, D.C. — A U.S. Court of Federal Claims judge on Aug. 18 denied a reconsideration motion for her procedural holding that the plaintiffs in a lawsuit over the Transitional Reinsurance Program (TRP) of the Patient Protection and Affordable Care Act (ACA) had waived an argument.
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August 17, 2023
Reinsurer Seeks Leave To Seal Agreements In Cleanup Costs Coverage Row
PADUCAH, Ky. — Arguing that “the agreements are riddled with the sensitive competitive information,” a reinsurer in a coverage dispute filed an unopposed motion in Kentucky federal court seeking leave to seal redacted versions of a third-party administrative services agreement (ASA) and a reinsurance agreement.
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August 16, 2023
Multiemployer Plan, Board File Own Suit Over ACA Reinsurance Contribution
WASHINGTON, D.C. — Saying their claim in a class action was rejected, a multiemployer health and welfare plan and its board have filed their own suit in the U.S. Court of Federal Claims against the government over the Transitional Reinsurance Program (TRP) of the Patient Protection and Affordable Care Act (ACA).
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August 16, 2023
Monetary Sanction Against Counsel Awarded Over Reinsurance Disclosure Issue
MUSKOGEE, Okla. — An Oklahoma federal judge awarded plaintiffs $13,748.66 because of failure “to timely disclose” a reinsurance policy and failure “to comply with the court’s settlement conference order and the court’s local rules” in an excessive force suit involving a death.
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August 16, 2023
Appellant Asks 2nd Circuit To Stay Arbitration In Reinsurance Dispute
NEW YORK — Arguing in part that a lower court “expanded, rather than applied, Second Circuit law,” an appellant seeking replacement of an arbitrator in a proceeding concerning two reinsurance contracts between Bermuda-based entities asked the Second Circuit U.S. Court of Appeals to stay what it terms “illegitimate” arbitration or, alternatively, order the dispute back to state court.
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August 16, 2023
Chapter 11 Filings Sideline Bid For Injunctive Relief In Aid Of Foreign Arbitration
NEW YORK — A suit seeking injunctive relief in aid of foreign arbitration in a dispute involving reinsurance has been placed on the suspense docket of a New York federal court, with a judge on Aug. 15 saying counsel for Vesttoo Ltd. and its subsidiaries “reported that all respondent entities have filed for bankruptcy.”
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August 15, 2023
Under Stipulation, Reinsurer May Intervene In California Liquidation Proceeding
LOS ANGELES — Following a stipulation by a liquidator and a reinsurer who had a dispute playing out in two jurisdictions, a California judge has ruled that the reinsurer may intervene in the state court action.
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August 15, 2023
Parties Argue Tolling, Accrual Of Illegal Exaction Claim In ACA Reinsurance Cases
WASHINGTON, D.C. — In a U.S. Court of Federal Claims brief opposing dismissal, 10 group health plans alleging that the government illegally exacted contributions from them under the Transitional Reinsurance Program (TRP) of the Patient Protection and Affordable Care Act (ACA) argue that their claims are timely under “tolling principles that have long been applied by this Court.”
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August 15, 2023
Appellees To Court: Uphold Adversary Proceeding Ruling Under McCarran–Ferguson
NEW YORK — Urging a New York federal court to uphold a bankruptcy judge’s order partially staying an adversary proceeding in an expansive dispute involving a reinsurer, four entities collectively referred to as the NC Insurance Cos. argue in their appellees’ brief that the adversary proceeding is reverse-preempted under the McCarran–Ferguson Act (MFA).
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August 15, 2023
Arbitration Award Requiring Reinsurer To Pay Confirmed Under Stipulation
NEW YORK — A New York federal judge has endorsed a joint stipulation for confirmation of an arbitration award under which an English reinsurer was ordered to pay $1,124,617 plus interest to Catholic Mutual Relief Society of America and Catholic Relief Insurance Co.
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August 14, 2023
In Post-Trial Briefs, Parties Spar Over Nonpublic Info On Captive Reinsurer
WILMINGTON, Del. — Post-trial briefs have been filed in the Delaware Court of Chancery in a suit over a captive reinsurer that issued dividends totaling approximately $1.2 billion, with a hedge fund arguing that it is entitled to nonpublic information under Delaware law and a public holding company asserting several contentions against that premise.
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August 11, 2023
Judge Compels Arbitration, Grants Dismissal In Fraud Suit Involving Reinsurance
GREENSBORO, N.C. — Compelling arbitration and granting dismissal without prejudice in a suit over an alleged scheme involving reinsurance, a North Carolina federal judge on Aug. 10 said in part that the plaintiff’s consent to arbitrate all claims means “there is no reason for this case to remain on this Court’s docket.”
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August 10, 2023
Delay Doesn’t Doom Amendment Bid In Row Over Sex Abuse Case Settlements
SEATTLE — Ruling that “egregious” delay did not outweigh four other factors, a Washington federal judge granted a motion for leave to add allegations in an interlocal cooperative’s dispute with a foreign reinsurer over reimbursement for defense and settlement of suits alleging sexual abuse.