On August 17, 2011, Connecticut Insurance Commissioner Thomas B. Leonardi released a statement titled “Solvency II: ‘One Size Does Not Fit All’,” in which he warns that adopting Solvency II (as previously reported here) standards in the U.S. could “weaken consumer protections and stability of insurers.”  The comments came during an online forum hosted by Price Waterhouse Coopers regarding, among other topics, solvency regulation. …
Read More Connecticut Insurance Commissioner Issues Solvency II Warning

According to British risk assessors Maplecroft, the U.S. and Japan have the highest economic exposure to natural disasters, while Asia’s emerging countries– namely, China, India and Indonesia – pose the most risk to investors due to a lack of capacity to combat the impacts of a major disaster. …
Read More United States and Japan have Highest Economic Exposure to Natural Disasters

A Pennsylvania federal court recently held that, in order to prevail on a late notice defense, a reinsurer was required to show that it was prejudiced by a cedent’s breach of a facultative certificate’s notice provision, despite the fact that compliance with that provision was a condition precedent to coverage.   See Pacific Employers Ins. Co. v. Global Reinsurance Corp., No. 09-6055 (E. D. Pa. 2011). …
Read More Pennsylvania Federal Court Finds that Reinsurer Must Prove Prejudice to Succeed on its Late Notice Defense

Please join the U.S. Reinsurance Under 40s Group tonight for a summary happy hour!  The event will take place from 5:30-8:00 pm at The Frying Pan in New York City, which is located at Pier 66, Maritime, at the intersection of 26th Street and the Westside Highway.  We have a private space, and expect an excellent turn out at this great venue.  So please come join us for this fabulous networking and socializing event.  You can still RSVP at the Group’s website — reunder40s.org.  We look forward to seeing you there!!! …
Read More Re Under 40s Happy Hour Tonight!!

In the case of W v Veolia Environmental Services (UK) PLC [2011] EWHC 2020 (QB), Judge Mackie QC was asked to consider the validity of a claim for damages. The Claimant, W, owned a 21 year old Bentley (worth approximately £16,000) which was hit by a refuse truck owned by the Defendant, Veolia Environmental Services (UK) PLC (Veolia). …
Read More UK: High Court Finds Car Hire Agreement is Valid Insurance Agreement

The Massachusetts Court of Appeals recently issued a decision on the parameters of additional insured coverage called Suffolk Construction Corp. v. Illinois Union Insurance Company, No. 10-P-1336 (Mass. App. Ct. Aug. 15, 2011).  A copy of the decision can be found here by searching for “Appeals Court” and writing “08/15/2011” in the date field. …
Read More Massachusetts Appeals Court Denies “Additional Insured” Status in Construction Injury Case

The law firms of Edwards Angell Palmer & Dodge LLP and Wildman, Harrold, Allen & Dixon LLP today announced that they will merge on October 1, 2011 (you can read the press release here).   The new firm, with 13 offices and 650 lawyers, will be known as Edwards Wildman Palmer LLP. …
Read More Edwards Angell Palmer & Dodge and Wildman, Harrold, Allen & Dixon LLP Announce Merger

On Wednesday, August 17, the U.S. Reinsurance Under 40s Group will be hosting a happy hour from 5:30-8:00 pm at The Frying Pan, located at Pier 66, Maritime, at the intersection of 26th Street and the Westside Highway in NY, NY. …
Read More Re Under 40s To Host Happy Hour at Frying Pan in NYC