Search Results for: new york

Global Reinsurance Corporation. v. Equitas Ltd. et.al. (New York Appellate Division, First Department, January 11, 2011)

This reinsurance dispute arises from claims that the Equitas defendants where at the center of a conspiracy to violate New York’s Anti-Trust law (General Business Law §340, the Donnelly Act) by eliminating claims service competition as to pre-1993 non-life retrocessional reinsurance coverage (i.e., the reinsurers that provide coverage to the insurers or cedents, that provide coverage to the underlying policyholders). The trial court granted defendants motion to dismiss and …

Assured Guaranty (UK) Ltd. v. J.P. Morgan Investment Mgt. Inc., 2010 Slip Op. 8644 (1^st Dept. Nov. 23, 2010)

A U.S. based life reinsurance company which had reinsured more than 370,000 policies with an aggregate insured amount of $36.7 billion formed a new company and turned over its 2004 term life reinsurance liability to it.  The company paid for its reinsurance reserves by issuing preference shares and bonds.  Assured Guaranty guaranteed the company’s payments to note holders on one of the bond series issued.  …

Guy Carpenter & Company, LLC v. Lockton RE, LP (S.D.N.Y. November 4, 2010)

Guy Carpenter & Company, LLC (“Guy Carpenter”) is a reinsurance intermediary.  Lockton RE, LP and Lockton Insurance Agency, Inc. (collectively “Lockton”) is a competitor.  Two insurance companies were clients of Guy Carpenter and Guy Carpenter placed reinsurance contracts for them in exchange for a brokerage fee.  The parties agreed that the brokerage fee would be paid by allowing Guy Carpenter to retain a percentage of the quarterly premium payments its clients made …

USF&G v. American Reinsurance

(New York Supreme Court, New York County  August 20, 2010)

In USF&G v. American Reinsurance, a New York trial court analyzed the "follow the settlement" doctrine and determined that American Reinsurance was required to reimbursed the cedent, USF&G, for $262,000 plus interest.

USF&G insured Western Asbestos from 1948 to 1960.  At some point, Western Asbestos became insolvent and was purchased by MacArthur Company, which formed Western MacArthur as a result.  In the late 1970's, Western MacArthur was sued …

Guaranteed Trust Life Ins. Co. v. American Medical and Life Ins. Co., 2010 U.S.Dist. LEXIS 96382 (N.D. Ill., September 15, 2010)

In 2006, Guarantee Life Insurance Company ("Guarantee"), an Illinois mutual insurance company and American Medical and Life Insurance Company ("American"), a New York insurance company, entered into an agreement whereby American would sell insurance on Guarantee’s policy forms in states where American was not authorized to sell policies. The parties negotiated a reinsurance agreement under which Guarantee Life would reinsure policies sold by American …