Category: Reinsurance

ARTHUR ANDERSEN LLP V. WAYNE CARLISLE

(CIVIL ACTION NO.:   08-146 – MAY 4, 2009)

 

At issue before the Supreme Court is whether a non-party to an arbitration agreement is nonetheless allow to invoke Section 3 of the Federal Arbitration Act (FAA). 

 

The issue arose from a tax dispute in which the respondents attempted to minimize their tax liability exposure from the sale of their construction equipment company.  The petitioner assisted them as their accountant to establish designated tax shelters …

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Olympic Holding Company L.L.C. v. ACE Limited et al

(May 7, 2009 Supreme Court of Ohio)

In a 4-2 decision, the Supreme Court of Ohio reversed the Ohio Court of Appeals, 10th Circuit, and found that a joint venture agreement between a title reinsurer and several title agencies does not comply with the Ohio Statute of Frauds and, as a result, imposed no fiduciary duties upon the parties.

This lawsuit was commenced shortly after the reinsurer failed to execute a proposed reinsurance/joint venture agreement regarding the creation …

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TIG INSURANCE CO. V. CENTURY INDEMNITY CO.

(CIVIL ACTION NO.: 08-CV-7322, April 8, 2009)

The cedent’s successor-in-interest filed this action against the reinsurer stating that the reinsurer breached the terms and conditions of several facultative reinsurance contracts. Specifically, the complaint alleges that the named reinsurance contracts specifically provided coverage to the cedent’s predecessor on a policy of excess liability insurance issued by the cedent’s predecessor to the insured. Upon settling the underlying action, cedent’s successor-in-interest is seeking coverage under the reinsurance contracts.

Cedent’s successor-in-interest filed …

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EASTERN DISTRICT OF ILLINOIS

CONTINENTAL CAS. CO. V. COMMERCIAL RISK RE-INSURANCE CO.

(CIVIL ACTION NO.: 07-C-6912, April 15, 2009)

 

Defendants filed an application for a pre-trial stay pending arbitration and application to appoint a referee regarding several reinsurance agreements and a separate "commutation agreement." Pursuant to the "commutation agreement," certain reinsurance agreements between the parties were terminated by consent. Under that agreement, it contained the provision that the parties would submit to the exclusive jurisdiction of the State of Illinois. The "commutation agreement" did …

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THIRD CIRCUIT

EVERTEST NATIONAL INSURANCE CO. V. SUTTON et al.

(CIVIL ACTION NO.: 08-CV-4643 – April 7, 2009)

THIRD CIRCUIT DISMISSED APPEAL REGARDING THE ENFORCEABILITY OF AN ARBITRATION BOND BASED ON LACK OF JURISDICTION

Appellants appealed a decision from an order by the United States District Court for the District of New Jersey in which it required them to post security with an arbitration panel following an arbitration decision in which the reinsurer was required to pay 70 million dollars following the first phase of …

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SECOND CIRCUIT

RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK V.

EMC NATIONAL LIFE COMPANY

(CIVIL ACTION NO.: 07-CV-0828 – April 9, 2009)

Appellant appealed a judgment from the United States District Court for the Southern District Court of New York vacating a portion of an arbitration award on the grounds that the arbitration panel went beyond its authority in awarding attorneys’ fees and arbitrator’s fees as sanctions for a party’s failure to arbitrate in good faith pursuant to the parties’ coinsurance agreement.

The arbitration section …

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