The Reinsurance Professional’s Deskbook: A Practical Guide, a new treatise featuring Goldberg Segalla founding partner Thomas F. Segalla as editor, is now available for purchase. Co-produced by leading legal publisher Thomson Reuters and DRI – The Voice of the Defense Bar, the largest organization of defense lawyers in the country, the deskbook is a comprehensive resource that explores in depth traditional insurance and reinsurance concepts as well as emerging trends in today’s insurance markets, with a focus on practical assessment and application to …
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Reinsurance Review is Now Available
For a free copy of the latest edition, click here.
Goldberg Segalla’s Reinsurance Review provides timely summaries of and access to the latest reinsurance law developments worldwide. For ease of reference, we have organized the cases by court and date. In addition, we provide the latest information regarding news in the insurance and reinsurance industries.
To receive this publication for free, please contact Jeff Kingsley at [email protected].…
Continue ReadingThird Circuit Affirms Denial of Reinsurance Contract Rescission
Munich Reinsurance America, Inc. (“Munich”) provided reinsurance coverage to Everest National Insurance Co. (“Everest”) on workers compensation claims. Munich then sought reinsurance coverage for its own liability and did so from Continental Casualty Insurance Co. (“Continental”). Eventually, the independent underwriter that represented Continental in the deal informed Munich that it no longer underwrote coverage for Continental. At that time, the underwriter suggested replacing Continental with American National Insurance Company (“ANICO”). Munich gave the underwriter the same files Munich received from Everest, but did not provide …
Continue ReadingFederal Insurance Office Issues Reinsurance Report
Among other provisions, Title V of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) authorizes the Federal Insurance Office (the FIO) to monitor all aspects of the insurance industry, including reinsurance. {Dodd-Frank Act, §§ 501-502; 31 U.S.C. § 313 (c)(1)(A) (2010)}. On December 31, 2014, pursuant to Title V of the Dodd-Frank Act, the FIO issued its report on reinsurance entitled “The Breadth and Scope of the Global Reinsurance Market and the Critical Role Such Market Plays in Supporting Insurance in …
Continue ReadingSecond Circuit Holds “Loss Expenses” Not Categorically Excluded from Liability Limit of Facultative Reinsurance Certificate
In Utica Mutual Insurance Co. v. Munich Reinsurance America, Inc., the Second Circuit Court of Appeals reversed and remanded a summary judgment determination against a reinsurer with regard to the reinsurer’s obligations to reimburse the insured’s claim expenses. Utica Mutual Insurance Company had issued an umbrella policy to Goulds Pumps, Inc. Utica incurred millions of dollars of losses under this policy due to asbestos-related litigation brought against Goulds. Munich Reinsurance reinsured Utica’s umbrella policy under a facultative reinsurance certificate that contained a $5 million …
Continue ReadingNew Reinsurance Deskbook from Thomson Reuters and DRI Features Thomas Segalla as Editor, Seven Goldberg Segalla Contributors
Goldberg Segalla founding partner Thomas F. Segalla led the team of lawyers who wrote the inaugural edition of the Reinsurance Professional’s Deskbook: A Practical Guide, a new treatise co-produced by leading legal publisher Thomson Reuters and DRI – The Voice of the Defense Bar, the largest organization of defense lawyers in the country.
The Reinsurance Professional’s Deskbook is a comprehensive resource that explores in depth traditional insurance and reinsurance concepts as well as emerging trends in today’s insurance markets, with a focus on …
Continue ReadingReinsurance Review Is Now Available
For a free copy of this month’s edition, click here.
Goldberg Segalla’s Reinsurance Review provides timely summaries of and access to the latest reinsurance law developments worldwide. For ease of reference, we have organized the cases by court and date. In addition, we provide the latest information regarding news in the insurance and reinsurance industries.
To receive this publication for free each month, please contact Jeff Kingsley at [email protected].
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Continue ReadingIn England, an Insured Under a Liability Policy Must Demonstrate Actual Legal Liability to be Indemnified by its Insurers
The insured in this case, Astrazeneca Insurance Company Ltd (AIC), was the captive insurance company for the Astrazeneca group of companies (AZ) and provided liability insurance cover for the period 1 January 2001 to 31 December 2003. AIC was reinsured for a 50 percent share by XL and others (XL) for the same period. The insurance provided by AIC to AZ was on what is called a Bermuda Form liability insurance. Bermuda Forms were introduced in the mid-1980s and are contracts of insurance or reinsurance …
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