On  October 2, 2008, Wells Fargo presented Wachovia with a signed and Board-approved offer to purchase Wachovia Corporation without government assistance in a stock-for-stock merger transaction valued at $10 billion.  Prior to receiving this proposal, Wachovia had been negotiating with Citigroup to complete a merger transaction that included assistance from the federal government. 

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Read More Court Grants Request for Expedited Proceeding By Wachovia Shareholder Seeking To Enjoin Wells-Fargo Merger

Liberty Mutual Insurance Europe Limited  (LMIEL) was recently granted authorization by Brazilian insurance regulator SUSEP to do business in the country as an occasional reinsurer.  LMIEL was advised through the application process by EAPD attorneys Jack Dearie and Machua Millett, together with local counsel. 

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Read More Brazil: Liberty Mutual Insurance Europe Limited Obtains Occasional Reinsurer Authorization

The New York Insurance Department has now issued Circular Letter No. 26 (2008) dated November 18, 2008 to remind liability insurers writing property/casualty policies of the changes resulting from the new law, which takes effect on January 17, 2009, and also to clarify certain aspects of the Legislation.

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Read More New York Insurance Department Issues Circular Letter Summarizing Late Notice Legislation and Advising Insurers to Promptly Revise and File Policy Forms Conforming With New Requirements

The Court of Appeal case of Pratt v Aigaion Insurance [2008] EWCA 1314 concerned the construction of a warranty in an insurance policy. While the judge at first instance found that the clause meant exactly what it said, the Court of Appeal held that the literal meaning could not have been intended by the parties. 

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Read More UK: Pratt v Aigaion Insurance – When Does a Warranty Mean What it Says?

Fitch recently released its annual report on the Honduran insurance market, “Sector Seguros de Honduras: Desempeño Semestral y Perspectivas de Corto Plazo.”  According to the report, Honduras experienced premium growth of 16.3% over the previous year, with life insurance (22.3%) and health insurance (14.4%) experiencing the highest growth.  In Central America, the Honduran insurance market trails only Costa Rica in most positive growth measures. 

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Read More Honduran Insurance Market Experiences 16.3% Annual Premium Growth

A survey of senior executives recently commissioned by credit insurer Atradius and conducted by the Economist Intelligence Unit found that more than 50% of those polled stated that their companies had recently considered expansion in Latin America as the major markets slowed under the weight of the global credit crisis.  However, those surveyed also commonly reported concerns about crime, corruption and instability in the region. 

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Read More Latin America An Attractive Alternative Market In Face Of Slowdowns Caused By Global Financial Crisis

The FSA has brought forward the date from which it will fully integrate TCF into its supervisory work from September 2009 to January 2009. Jon Pain, managing director of retail markets at the FSA, stated that the announcement means: “the FSA can deliver the benefit from the TCF programme more quickly. Our focus will be on the outcome for consumers. 

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Read More UK: Integration of the Treating Customers Fairly (TCF) Initiative Into the Core Supervisory Work of the Financial Services Authority (FSA)

On December 3, 2008, the U.S. federal district court for Minnesota affirmed a magistrate’s denial of a motion by Sun Life Assurance Company of Canada (“Sun Life”) to amend its complaint seeking to void life insurance policies issued to John R. Paulson that were later acquired by Coventry First, LLC (“Coventry First”), The Atticus Fund, LP (“Atticus”) and Orca Finance Trust (“Orca”). …
Read More Federal Court Reaffirms Holding Regarding “Mutual Intent” in Insurable Interest Case

On Tuesday, December 2, 2008, New York State Insurance Department (“NYSID”) Superintendent Eric Dinallo announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the Autorité de Contrôle des Assurances et des Mutuelles, France’s insurance regulator (“ACAM”). 

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Read More New York Insurance Department Announces Cooperation Agreement With France