Mr. Matthew Elderfield, CEO of the Bermuda Monetary Authority (BMA), issued a press statement on 7 October 2008 to alleviate concern and uncertainty in Bermuda arising from the widespread instability within the global financial sector.
Read More BMA Says Bermuda is Well Placed for the Current Challenging Environment in the Financial Markets
Industry Developments
Third Circuit Upholds Liability of PricewaterhouseCoopers in Ambassador Insolvency
The United States Court of Appeals for the Third Circuit recently upheld a $182.9 million judgment against PricewaterhouseCoopers, LLP (“PWC”) for allegedly contributing to the failure of Ambassador Insurance Company (“Ambassador”) through negligent auditing.
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Read More Third Circuit Upholds Liability of PricewaterhouseCoopers in Ambassador Insolvency
MBIA Closes Reinsurance Agreement with Financial Guaranty Insurance Company
By Troutman Pepper Locke on
MBIA Inc. announced yesterday that MBIA Insurance Corporation (“MBIA”), its financial guaranty insurance company subsidiary, had completed a reinsurance transaction with Financial Guaranty Insurance Company (“FGIC”) whereby MBIA will reinsure FGIC’s risks that consist entirely of U.S. public finance bonds with total net par outstanding of about $166 billion.
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Read More MBIA Closes Reinsurance Agreement with Financial Guaranty Insurance Company
U.S. Reinsurance Under 40s Group’s ReIndustry Speak — October 23
By Troutman Pepper Locke on
Please join the U.S. Reinsurance Under 40s Group at their ReIndustry Speak on October 23, sponsored by Swiss Re, to hear Jim Fiore (QBE the Americas, Chief Operating Officer) and Alan J Levin (Edwards Angell Palmer & Dodge, co-chair of Insurance & Reinsurance Department), speak about our industry.
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Read More U.S. Reinsurance Under 40s Group’s ReIndustry Speak — October 23
Information Security Breaches and Appropriate Responses – New Mandatory Security Rule in Massachusetts and Privacy Policy in Connecticut
An increase in data breaches affecting various industries, including banking, insurance and other financial services, has been profiled recently. These developments require companies to anticipate problems, develop new responsive policies and protective procedures, and react quickly to near-crisis situations resulting from data breaches.
UPDATE: Senate Passes Revised Bailout Bill, Now Up to the House
As we discussed here, the Senate voted on a revised version of the $700 billion bailout bill last night. After more than three hours of floor debate, it passed by a vote of 74 to 25. The House is expected to vote on the Senate’s version of the legislation on Friday.
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Read More UPDATE: Senate Passes Revised Bailout Bill, Now Up to the House
Industry Participants and Regulators Discuss Development of the Brazilian Reinsurance Market (Part II)
EAPD lawyer Machua Millett recently participated in the American Conference Institute’s ReAct Brazil International Forum on Positioning for Success in the Brazilian Reinsurance Market. …
Read More Industry Participants and Regulators Discuss Development of the Brazilian Reinsurance Market (Part II)
Proposed $700 Billion Bailout Plan Sparks Shareholder Derivative Action
While Congressional leaders continue to negotiate the terms of a bailout plan to relieve mortgage lenders and investment banks of their distressed mortgage debt, a shareholder derivative action has been filed against PFBB Bancorp (“PFBB”) and several of its directors and officers in the Delaware Chancery Court to enjoin a proposed merger between PFBB and FBOP Bancorp (“FBOP”). A copy of the complaint, filed on September 22, 2008, can be found by clicking here.
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Read More Proposed $700 Billion Bailout Plan Sparks Shareholder Derivative Action
Edwards Angell Palmer & Dodge Webinar: ‘Mortgage-Backed and Auction-Rate Securities: Structure, Litigation and Insurance Issues’
Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department will host a webinar on the above topic on Monday, September 29, 2008 at 12:00 PM EDT / 5:00 PM BST. …
Read More Edwards Angell Palmer & Dodge Webinar: ‘Mortgage-Backed and Auction-Rate Securities: Structure, Litigation and Insurance Issues’
Report from the American Bankers Insurance Association Annual Conference
By Troutman Pepper Locke on
Posted in Industry Developments, United States
The annual conference of the American Bankers Insurance Association was held on September 22-24 in Phoenix, and attended by EAPD attorneys Ted Augustinos, Chuck Welsh and Brian Green. Ted gave a presentation with Joan Cleveland of Prudential entitled “Using Customer Information to Drive Revenues,” and Brian co-chaired a panel discussion with Tim Tobin of Bank of America on reinsurance and risk management issues. …
Read More Report from the American Bankers Insurance Association Annual Conference