The Panama Canal Authority (ACP) has reportedly indicated that it expects its total insurance coverage needs for the expansion of the Panama Canal to exceed $100 million.  The ACP has retained Willis Limited to broke the coverage and has already established that interested insurers must carry a minimum rating of A- (A.M. Best, S&P or Fitch) or A3 (Moody’s). 

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Read More Insurance Coverage Required for Expansion of Panama Canal Expected to Exceed $100 Million

This updates our June 30, 2009 blog post.  The recently proposed Eleventh Amendment (the “Amendment”) to Regulation 41 (11 NYCRR 27), which governs the standards for excess lines placement, became effective on September 2, 2009.  The Amendment placed several additional categories of risks insured by excess lines carriers on the New York Export List. 

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Read More New York Expands Export List

Costa Rica – As reported previously in this space (see here), Costa Rica’s Instituto Nacional de Seguros’ international expansion plans were put on hold in May 2009 when the nation’s Comptroller General took the position that the INS was empowered only to partner with, not acquire or establish, foreign companies. …
Read More Latin American Insurance and Reinsurance Update: Costa Rican INS Revives International Expansion Plans; Double-Digit Market Growth in Ecuador and Peru; IRB Earnings Decline 55.7% in Brazil

The Connecticut Supreme Court recently reversed a judgment that had been in favor of an automobile insurer in a breach of contract action brought by glass repair companies who had been assigned the rights of the defendant’s insureds. …
Read More Connecticut Supreme Court Finds Automobile Insurance Policy Language Ambiguous

According to press reports, Atticus Capital announced recently that it would shut down two of its three funds and liquidate their $3 billion in holdings. The company’s founder cited personal reasons for this action. The two funds had a heavy concentration in the financial sector, which resulted in significant losses last year. Atticus will continue to manage the $1.2 billion Atticus European Fund. …
Read More Hedge Fund Closes Two of its Funds and Liquidates Holdings

In a decision filed August 6, 2009, the U.S. Court of Appeals for the Fifth Circuit affirmed the district court’s denial of a request under 28 U.S.C. § 1782 for discovery for use in a private international arbitration proceeding.  Section 1782 provides a mechanism by which parties to a foreign or international proceeding may petition a federal district court to order a party residing in that district to provide documentary or testimonial evidence to a foreign or international tribunal. …
Read More Fifth Circuit Affirms Denial of Request for Discovery for Use in a Private International Arbitration Proceeding Pursuant to 28 U.S.C. § 1782

Mechanical Dynamics & Analysis, LLC (“MD&A”) performed repairs on a generator at a power plant owned by the Arizona Public Service Company (“APS”).  Thereafter, the generator failed and was out of service for 111 days, resulting in a loss of more than $20 million for APS. …
Read More Federal Court Orders Insurer to Produce Information about its Reinsurance Agreements

Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department recently published its latest Newsletter, Insurance & Reinsurance Review – September 2009, which contains nine articles about various topics in the insurance and reinsurance industry. …
Read More Insurance & Reinsurance Review – September 2009

On 1 September 2009, the General Insurers’ Technical Provisions (Appropriate Amount) (Tax) Regulations 2009 (the Regulation) comes into force in the UK (for a link to the Regulation please click here). 

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Read More UK: Incoming Regulations May Increase Actuarial Costs