Lloyd’s recently issued a press release that it has begun offering a new type of cover – an event cancellation policy that will indemnify insureds for their losses if Christmas is cancelled, postponed, interrupted, curtailed or relocated due to the Grinch’s actions. 

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Read More Lloyd’s Insures Against Grinch

In a matter of first impression under New Jersey law that potentially impacts both the reinsurance and insurance industry and policyholders of insolvent insurance companies, the New Jersey Supreme Court affirmed the appellate division’s ruling that the Fourth Amended Final Dividend Plan (the “FDP”) proposed by the Liquidator for Integrity Insurance Company (“Integrity”) should not be approved because it unlawfully allowed incurred but not reported (“IBNR”) claims to share in the insolvent insurer’s estate. …
Read More Landmark Victory For Reinsurers of Insolvent Integrity Insurance Company

A Pennsylvania appellate court recently reversed a trial court’s ruling that denied a cedent’s motion to compel arbitration, finding that the existence of a service of suit clause in the reinsurance agreement did not render the arbitration clause meaningless. 

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Read More Pennsylvania Appellate Panel Enforces Arbitration Clause in Reinsurance Agreement

Earlier today, President Bush signed into law the Terrorism Risk Insurance Program Reauthorization Act of 2007 (“TRIPRA”), which provides a seven-year extension of the Terrorism Risk Insurance Program, originally created in the wake of September 11 by Terrorism Risk Insurance Act of 2002 (“TRIA”) and extended by the Terrorism Risk Insurance Extension Act of 2005 (“TRIEA”). 

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Read More BREAKING NEWS — President Bush Extends Terrorism Risk Insurance Program

Last week, the South Carolina Insurance Department issued a press release (which you can review by clicking here) announcing a proposed Bulletin that will provide guidelines for captive management companies. …
Read More South Carolina Insurance Department Proposes Bulletin regarding Captive Management Companies

The EC has adopted proposals for a directive and a regulation aimed at modernising and simplifying the VAT rules for financial and insurance services. The proposals contain an updated definition of the exempt financial and insurance services. 

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Read More Value Added Tax (VAT): The European Commission (EC) proposals to modernise the current legislation for financial services and insurance

In Coromin Ltd v AXA Re & Ors [2007] EWHC 2818 (Comm), the Commercial Court considered whether Coromin was entitled to be indemnified by its reinsurers for the physical damage and business interruption losses suffered by its insured as a result of a defective mill motor at a copper mining and processing facility in Chile. 

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Read More Policy construction: The English Commercial Court has construed the terms of a business interruption policy

In C v D [2007] EWCA Civ 1282, D insured C under a Bermuda Form policy that provided for London arbitration and was governed by New York Law. C commenced arbitration proceedings in London against D for unpaid monies and the Tribunal held that C was entitled to recover in full. 

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Read More Bermuda Form: The Court of Appeal upholds an anti-suit injunction to prevent a challenge to an English Arbitration award in the US

In early November 2007, lead counsel responsible for achieving a $3.2 billion settlement in the Tyco securities class action sought court approval for a $464 million fee award. …
Read More $464 million Attorney Fee Award Approved in Connection with $3.2 Billion Tyco Settlement