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AXA Versicherung AG, v. New Hampshire Insurance Co. et. al.

(United States Court of Appeals, Second Circuit, August 23, 2010)

In this reinsurance matter, AIG appealed from a judgment entered in the Southern District of New York after a jury trial concluded AIG was liable for $34 million, including $5.7 million in punitive damages on claims of fraudulent inducement with respect to two reinsurance facilities.  The court of appeals affirmed the district court’s conclusion that all of AXA’s allegations sounded in fraud and thus were …

Tropp v. Corporation of Lloyd’s, 08-2332-cv (2^nd Cir., July 19, 2010).

Corporation of Lloyd’s (“Lloyd’s”) obtained a judgment against Richard A. Tropp (“Tropp”) in the United Kingdom for breach of contract. The contract between the parties contained a forum selection clause identifying the UK as the forum for resolving a dispute between the parties. Tropp filed an action against Lloyd’s in the U.S. District Court for the Southern District of New York, but the District Court dismissed the action under FRCP Rule …

CIFG Assurance N.A. v. Assured Guaranty Corp.  (Supreme Court, County of New York, July 26, 2010)

A New York Monoline bond insurer filed suit against its reinsurer for bailing on a contract and compelling it to assume responsibility for a bond insurance policy issued by the insurer after the policy became risky and unprofitable. 

The complaint, filed in New York County Supreme Court, alleges that the reinsurer agreed to reinsure a policy for bondholders of an Iowa water company then changed its mind …

Ario as Liquidator of Reliance Ins. Co. v. Underwriting Members of Lloyd’s of London Syndicates.

(Commonwealth Court of Pennsylvania, June 4, 2010)

In this reinsurance action brought by the Liquidator for payment, the parties to a reinsurance contract filed respective motions for summary judgment as to two issues: whether the Liquidator's action is barred by the statute of limitations; and, if not, whether late notice of the claim relieved the defendants, Lloyd's of London Syndicates of any obligation under the reinsurance contract.

In …

AXA Verischerung AG v. New Hampshire Ins. Co.
(S.D.N.Y. Apr. 29, 2010)

A federal court recently ruled that a reinsurer’s fraudulent inducement claim against three AIG subsidiaries was not subject to an arbitration clause in the reinsurance facilities and that, even if it was, AIG had waived it arbitral rights.

In 1996, AIG, acting through its brokers, solicited AXA’s predecessor, Albignia’s, participation in a reinsurance facility that was intended to cover a “primary layer” of $10 million with respect to certain energy risks in the …