On September 26, 2007, William R. Berkley, Chairman and C.E.O. of W.R. Berkley Corporation, the ninth largest commercial insurer in the U.S., addressed the Senate Finance Committee concerning an alleged flaw in the current U.S. tax system that provides certain economic advantages to foreign property and casualty insurers domiciled in favorable tax jurisdictions, such as Bermuda.
United States
Connecticut AG Files Complaint against Guy Carpenter and Excess Re – Direct Summary
By Troutman Pepper Locke on
On October 9, the Connecticut Attorney General (the “CT AG”) filed a Complaint against Guy Carpenter and Excess Reinsurance Inc. The Complaint is 107 pages long and contains numerous highly-disputed allegations about the structure of the reinsurance markets over the last fifty years as well as hotly contested claims about the activities of the participants in certain reinsurance facilities.
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Read More Connecticut AG Files Complaint against Guy Carpenter and Excess Re – Direct Summary
Extrinsic Evidence Cannot Create Duty to Defend Under California Law Where The Evidence Does Not Pertain To The Claims Actually Asserted
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
A California federal court recently attempted to clarify the interrelationship between extrinsic evidence, potential for liability and the duty to defend under California law. …
Read More Extrinsic Evidence Cannot Create Duty to Defend Under California Law Where The Evidence Does Not Pertain To The Claims Actually Asserted
Florida Jury Sides With Merck In The State’s First Vioxx Case To Go To Trial
By Troutman Pepper Locke on
A Florida jury recently returned a verdict in favor of Merck & Co. in the first Vioxx case to go to trial in the state.
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Read More Florida Jury Sides With Merck In The State’s First Vioxx Case To Go To Trial
Rhode Island Federal Court Decision Addresses Numerous Duty to Defend Issues
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
In a recent 93-page opinion found here, Judge William Smith of the U.S. District Court for the District of Rhode Island decided a host of issues relating to an insurer’s (and an excess insurer’s) duty to defend.
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Read More Rhode Island Federal Court Decision Addresses Numerous Duty to Defend Issues
Adam Hamm Appointed as New North Dakota Insurance Commissioner
By Troutman Pepper Locke on
On October 9, 2007, North Dakota Governor John Hoeven appointed Adam Hamm, 36, as the new Insurance Commissioner of North Dakota. On October 22, Hamm will succeed Jim Poolman, whose resignation became effective on September 1, 2007 before his term expired to become an insurance industry consultant.
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Read More Adam Hamm Appointed as New North Dakota Insurance Commissioner
Alaska and Idaho Reportedly Investigate State Street Over Mortgage Investments as States Increase Scrutiny of the Mortgage Crisis
Last week we reported that Prudential Financial, Inc. and one of its subsidiaries, Prudential Retirement Insurance and Annuity Company, has sued State Street & Trust Corp. and State Street Global Advisors over losses allegedly suffered by Prudential clients in two bond funds managed by State Street (see here).
Washington Federal Court Finds that Facultative Reinsurer is not Obligated to Pay a Loss Outside the Scope of the Underlying Policy
By Troutman Pepper Locke on
Posted in Reinsurance, United States
Recently, the United States District Court for the Western District of Washington held that a facultative reinsurer was not bound to follow the fortunes of its cedent for a loss that was outside the scope of the reinsured policy and not paid in good faith.
Wind Loss Liability Verdict Leads To Settlement Of Katrina Suit Before Damages Phase
By Troutman Pepper Locke on
On September 28, 2007, a jury in an action venued in the United States District Court, Southern District of Mississippi, found that certain damage to the home of Kevin and Sherrye Webster was caused by wind, wind-blown debris and/or wind-driven rain, which were all covered perils under the Websters’ homeowners’ policy.
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Read More Wind Loss Liability Verdict Leads To Settlement Of Katrina Suit Before Damages Phase
Under Certain Policy Language, Settlement Payments Not Recoverable Absent Adjudication in California
By Troutman Pepper Locke on
A California appellate court recently ruled that propulsion manufacturer Aerojet’s payment of approximately $175 million to settle regulatory enforcement actions over liability for groundwater contamination cannot be recovered under certain excess policies absent a final adjudication of liability.