In Wasa v Lexington [2008] EWCA Civ 150, Lexington appealed against the decision of the English Commercial Court that it was not entitled to recover from its reinsurers in full its settlement with its insured, Alcoa. Lexington had settled with Alcoa after being found jointly and severally liable by the Supreme Court of Washington for Alcoa’s clean-up costs for pollution damage, irrespective of whether the damage had been sustained before, during or after the insurance period. …
Read More Follow the Settlements – the English Court of Appeal Overturns the Controversial First Instance Decision in Wasa v Lexington

Two weeks ago the Florida House of Representatives’ Jobs and Entrepreneurship Committee unanimously passed a bill, requiring insurers, which participate in Florida’s Hurricane Catastrophe Fund (“Cat Fund”), to purchase reinsurance from the private market.  The bill specifically seeks to eliminate last year’s $12 billion increase in Cat Fund coverage. 

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Read More Florida House Committee Passes Legislation to Expand Private Reinsurance Market

After serving almost 24 years as North Carolina’s Commissioner of Insurance, Jim Long has announced his retirement.  Long, elected in 1984, is known for setting North Carolina’s low auto insurance rates and creating the Seniors’ Health Insurance Information Program (“SHIIP”). 

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Read More North Carolina Insurance Commissioner to Retire

As we previously reported here, Leonard Crouse, long time Vermont Deputy Commissioner of the Captive Insurance Division (the “Division”), is set to retire from his post on June 1, 2008.  On February 29, 2008, the Vermont Department of Banking, Insurance, Securities and Health Care Administration issued a press release announcing that David F. Provost, assistant chief examiner in the Division, will succeed Crouse as the Division’s Deputy Commissioner. …

Read More David Provost Named Deputy Commissioner of Vermont Captive Insurance Division

On February 29, 2008, the U.S. District Court for the Southern District of New York, dismissed claims by funds managed by Ritchie Capital against Coventry First and all other defendants for civil violations of the federal RICO statutes. 

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Read More Ritchie Capital RICO claims against Coventry First Dismissed

The U.S. Attorney’s office has decided not to intervene, at this time, in United States of America, ex rel. Rigsby v. State Farm Ins. Co., a Katrina-related whistleblower lawsuit filed in federal court in Mississippi. …
Read More U.S. Government Chooses Not to Intervene in Hurricane Katrina Whistleblower Lawsuit but Reserves its Rights to Intervene at a Later Date

Last week, Judge Barbara Jones of the United States District Court for the Southern District of New York ruled that a policy exclusion in the Port Authority’s Policy effectively barred coverage for damage done to all but one of the buildings at the World Trade Center complex and the PATH train station. 

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Read More Federal Judge Rules That Policy Exclusion Severely Limits Port Authorities’ WTC Claims

The United States Court of Appeals for the Fifth Circuit recently upheld the dismissal of a claim by two individuals against an insurance agent who sold them renters’ insurance because they failed to file their claim within one-year after they learned about, or should have known, the facts that gave rise to their claim. …
Read More Fifth Circuit Upholds Dismissal of Claims Against Insurance Agent based on Louisiana’s One-Year Statute of Limitations

Craig Stewart (Boston) and Antony Woodhouse (London) of Edwards Angell Palmer & Dodge LLP are attending the 16th annual ABA TIPS Insurance Coverage Litigation Committee mid-year meeting in Marina Del Rey. They report that the meeting is very well attended and is currently in full flow with representatives from 31 different states, Puerto Rico, Canada and, of course, the U.K. 

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Read More Report from ABA TIPS Insurance Coverage Litigation Committee Mid-Year Meeting in Marina Del Rey, CA