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Ins. Co. of the State of Penn. v. Argonaut Ins. Co.
U.S. Dist. Ct., S.D.N.Y. (August 6, 2013)
In this case, the cedent sued its reinsurer when it denied coverage because of late notice of its claim. Both parties filed a motion for summary judgment arguing the applicability of the late notice defense. The court granted the reinsurer’s motion.
From 1980-2009, a series of disputes and negotiations arose regarding asbestos claims against the underlying insured. It was not until 2009, through an “initial loss advice,” …Continue Reading
Amlin Corporate Member Limited and Others v. Oriental Assurance Corporation  EWHC 2380 (Comm)
A dispute between London reinsurers and their Philippine reinsured arose from the sinking of a ferry, the “Princess of the Stars,” in the Philippines on June 21, 2008. The loss occurred because the master of the ship sailed into the midst of typhoon “Frank,” despite public storm warnings having been issued by the Philippine authorities the previous day. It seemed that the master of the ship had intended to take a …
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This case centers on the relationship between cedents and reinsurers and compliance with a claims control clause which requires the cedent to allow the reinsurers to control aspects of claim handling. In this case the claimant reinsurers claim they are not liable under the reinsurance policy while the cedents assert that the reinsurer owes coverage.
By way of background, on October 3, 2005 the Kuwait Oil Company entered …Continue Reading
Munich Reinsurance Am., Inc. v. Am. Nat’l Ins. Co.
(D.N.J. Mar. 28, 2013)
On March 28, 2013, USDC Judge Freda L. Wolfson granted summary judgment in part on a motion for reconsideration of an earlier decision, but noted that with respect to certain retrocessional reinsurance claims there remain genuine issues of material fact. In the case, Munich Reinsurance America Inc. (Munich Re) reinsured the workers’ compensation insurance program of Everest National Insurance Co. (Everest) under an excess-of-loss reinsurance agreement. Munich Re then retrocessionally reinsured the …Continue Reading
On March 25, Judge Sidney H. Stein, of the USDC for the Southern District of New York, agreed with a magistrate report and recommendation and granted summary judgment to a reinsurer, ruling that the reinsurer did not have to show prejudice when denying coverage because of an insurer’s late notice of a claim. Foster Wheeler, a company that used asbestos in its products, was insured by Liberty Mutual Insurance Co. AIU Insurance Co. issued …Continue Reading
Cases provided courtesy of LexisNexis.