Following the turbulent events on Wall Street in recent days, the Comité Européen des Assurances (CEA) has issued a statement proclaiming the relative health of the European insurance industry. 

…
Read More EU: Following US Turmoil, CEA Issues Statement on European Insurers

The U.S. House of Representatives will take up a vote this week on legislation, H.R. 5840, which would create a federal insurance office that would be responsible for monitoring insurance markets. …
Read More U.S. House of Representatives to Vote on Creation of Federal Insurance Office

As previously discussed here,  the Tennessee Supreme Court heard oral arguments in January, 2008, in a case against an employer brought by its employee’s daughter concerning her secondhand exposure to asbestos.  Plaintiff Amanda Satterfield succumbed to mesothelioma at the age of 25. …
Read More UPDATE: Tennessee Supreme Court Extends Employer Liability in Secondhand Asbestos Exposure Lawsuit

On certified questions from the Fifth Circuit Court of Appeals, the Supreme Court of Texas recently held that, when a policy does not otherwise specify, damages under an occurrence-based general liability policy “occur”, and an insurer’s duty to defend is triggered, on the date when the injury happens and not on the date the injury is discovered. …
Read More Under Occurrence Policy, Damage Occurred and Insurer’s Duty to Defend was Triggered On Date When the Injury Happened, Not Date of Discovery

The United States Court of Appeals for the Seventh Circuit recently remanded a choice-of-law determination to the district court for further proceedings because there was conflicting evidence about the principal place of business of one insured and the conflict could not be resolved on the paper record.
Read More Federal Appeals Court Vacates Summary Judgment Decision Where Conflicting Evidence Regarding Principal Place Business of Insured Precluded Determinative Choice of Law Decision

The U.S. District Court for the Central District of California recently denied a motion to strike and allowed a plaintiff to pursue treble punitive damages against his insurer for the insurer’s alleged bad faith. 

…
Read More California Federal Court: Insured Plaintiff Can Seek Treble Punitive Damages For Insurer’s Alleged Bad Faith

The Federal Reserve Bank of New York has agreed to issue AIG a two year, $85 Billion secured revolving credit facility in return for a 79.9 percent equity interest in AIG and the right to veto the payment of dividends to common and preferred shareholders. 

…
Read More Federal Reserve Agrees to $85 Billion Loan to AIG

Lehman Brothers Holdings Inc., the holding company for the fourth-largest United States investment bank, filed for protection under Chapter 11 of the United States Bankruptcy Code on September 15, 2008, marking the largest US bankruptcy filing in history.  Following the filing in the Southern District of New York, the directors of Lehman Brothers International (Europe) and three of its UK subsidiaries applied for administration (a process similar to Chapter 11) in the UK. 

…
Read More EAPD Issues Advisory Regarding Insolvency Proceedings in the US, UK and Japan

As the New York Mets’ players are focused on reaching the post-season, team management has other concerns – insurance.  Billy Wagner, the team’s closer, underwent ulnar collateral ligament reconstruction (commonly known as Tommy John surgery) last week and is likely to miss the entire 2009 season. …
Read More The New York Mets’ Insurance Concern