Your Timely Insurance and Reinsurance Analysis of Legal and Regulatory Developments and News.
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Continue ReadingIn the world of reinsurance, agreements, or Treaties, the inclusion of provisions mandating arbitration is a well-established industry standard. Despite the potential exposure inherent in reinsurance disputes, such Treaties and their corresponding arbitration provisions are not particularly expansive and, in fact, oftentimes rely upon “boiler plate” language. Here is an article examining a series of recent cases in which a court has expanded an arbitration panel's authority.
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Sharon Angelino and Brian Biggie
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Continue ReadingG-I HOLDINGS V. RELIANCE INSURANCE COMPANY ET AL
(CIVIL ACTION NO 07-2510 OCTOBER 26, 2009)
This action involves the plaintiff asserting that Reliance Insurance Co. (“Reliance”) and Hartford Fire Insurance Co. (“Hartford”) are directly liable due to the respective insurance and reinsurance policies executed by the parties. The plaintiff obtained several director and officers policies from Reliance between 1999 through 2002. Shortly after the policy was issued, Reliance informed the plaintiff that it was encountering financial difficulties. As such, in …
Continue ReadingEMPLOYERS INSURANCE COMPANY OF WAUSAU V. CERTAIN UNDERWRITERS AT LLOYDS OF LONDON, et al.
(W.D.Wis. September 29, 2009)
A cedent and reinsurer could not agree on an impartial third arbitrator. The cedent brought a petition in the United States District Court for the Western District of Wisconsin seeking the court to appoint a neutral arbitrator. The reinsurer cross-petitioned, raising a statute of limitations defense and seeking disqualification of the cedent’s appointed arbitrator.
The court denied the reinsured’s petition. With regard …
Continue ReadingFortner v. Grange Mutual Ins. Co.
(Georgia Supreme Court, October 19, 2009)
The Georgia Supreme Court granted certiorari to consider whether the Court of Appeals properly interpreted the “safe harbor” provision recognized in Cotton States Mut. Ins. Co. v. Brightman, 276 Ga. 683 (2003). In 2003 Fortner was injured in a car accident caused by Grange Mutual policyholder, Arnsdorff, who had bodily injury limit of $50,000 and a $1 million liability with Auto Owners Ins. Co. through his plumbing business. Fortner …
Continue ReadingExecutive Risk Indem. v. Pepper Hamilton LLP
(N.Y. Oct. 20, 2009)
New York’s highest court held that Philadelphia-based Pepper Hamilton LLP is not entitled to excess insurance coverage for litigation arising from its client’s securities fraud. The coverage litigation stemmed from fraud perpetrated by Pepper Hamilton’s client, a company that serviced the vocational portion of the student loan market. The client repackaged loans acquired from other lenders into certificates, which it sold to investors. Pepper Hamilton prepared memoranda used by the client in connection with …
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Continue ReadingCentury Indemnity Co. v. Certain Underwriters at Lloyd’s, London
3d Cir. (Penn), October 15, 2009
This matter involves the appeal of the District Court’s Order granting defendant’s motion to compel arbitration of a disputed claim based on a set of reinsurance agreements. The Court of Appeals was asked to decide whether the parties had entered into a valid arbitration agreement such that the District Court properly compelled plaintiff to arbitrate its dispute arising from the retrocessional agreements between plaintiff and defendant.
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Continue ReadingCalifornia became the 34th state to regulate life settlements when Gov. Arnold Schwarzenegger of California signed Bill S.B. 98. The bill preserves a policyholder’s right to sell the life insurance policy for value prior to lapse or surrender. Additionally, individuals can obtain life settlements through an agent, an prohibit insurance companies from restricting life insurance agents from informing policyholders about such settlements. The law provides stronger consumer-orientated provisions, including licensing mandates for brokers and settlement companies, requiring disclosures regarding offers, business relationships and compensation, …
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