Don’t forget to RSVP for the U.S. Re Under 40s Group event at Katwalk on October 7 at 6:00 p.m. as they host members of the Bermuda Under 40s Re/Insurance Group in New York. It promises to be an excellent opportunity to meet members of the Bermuda Under 40s Group and network with other members of the U.S. Re Under 40s Group.
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New York Developments
New York State Insurance Department Seeks To Change Homeowners’ Coverage
By Troutman Pepper Locke on
New York’s Superintendent of Insurance, James J. Wrynn, has proposed several key initiatives in an attempt to ensure homeowners insurance is available to all consumers. For a complete copy of Superintendent Wrynn’s press release, please click here. …
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New York Considers Catastrophe Pool
By Troutman Pepper Locke on
The New York State Insurance Department (“NYID”) issued a news release on September 22, 2010 (the “News Release”) announcing proposed measurers aimed at ensuring the availability and affordability of homeowners insurance in coastal areas of New York. Such proposals include the creation of a catastrophe pool to be funded by insurer assessments and used to help cover the cost of hurricanes and other catastrophes. …
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Join the U.S. Re Under 40s Group on October 7 at Katwalk
By Troutman Pepper Locke on
The next U.S. Re Under 40s Group event will be in New York, at Katwalk on October 7, starting at 6:00. The U.S. Under 40s Group will be hosting members of the Bermuda Under 40s Re/Insurance Group while they are in New York. It promises to be an excellent opportunity to meet our friends from Bermuda and network with other members of the U.S. Re Under 40s Group. …
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New York Federal Court Refuses to Appoint Umpire, Finding That Arbitration Clause Provided Sufficient Mechanism
By Troutman Pepper Locke on
A dispute arose between Certain Underwriters at Lloyd’s London and R.A. Wilson & Associates, Ltd concerning an insurance policy. After a lawsuit was filed, the court ordered the parties to proceed to arbitration based upon the insurance policy’s arbitration agreement. …
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New York State Court Decision Raises Issues Concerning the Drafting of Arbitration Clauses
By Troutman Pepper Locke on
By Design, LLC terminated the employment of Oded Nachmani, who claimed he was wrongfully dismissed in violation of his employment contract and certain discrimination laws. …
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New York State Court Rules that Reinsurers Must Follow Cedent’s Settlement and Loss Allocation
By Troutman Pepper Locke on
In a recent decision of the New York Supreme Court, United States Fid. & Guar. Co. v. American Re-insurance Co., Index No. 604517/02 (N.Y. Sup. Ct. Aug. 20, 2010), the court granted summary judgment to a ceding company against the defendant reinsurers on causes of action for breach of contract and breach of the implied covenant of good faith and fair dealing arising out of the cedent’s $987.4 million payment to settle certain asbestos injury claims. …
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Second Circuit Finds that Class Arbitration Waiver Clause Is Unconscionable, Refuses to Compel Arbitration
By Troutman Pepper Locke on
In Fensterstock v. Education Finance Partners and Affiliated Computer Services, Inc., plaintiff Fensterstock commenced a class action lawsuit in the Southern District of New York against Education Finance Partners and Affiliated Computer Services for engaging in fraudulent and deceptive practices in connection with the issuance of student loans. The defendant lenders moved to stay the action and compel individual arbitration in accordance with the loan agreement’s binding arbitration clause. …
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Second Circuit Finds that Reinsurer’s Fraud Claims Are Not Arbitrable, but Reverses District Court’s Judgment and Holds that those Claims Are Time-Barred, Relieving Cedents of Liability
By Troutman Pepper Locke on
Defendants, certain ceding companies, appealed a judgment from the U.S. District Court for the Southern District of New York holding them liable for fraudulently inducing the plaintiff reinsurer to enter into two reinsurance facilities. The defendants also appealed the portion of the judgment finding (a) that the cedents waived their right to arbitration by pursuing it in a summary judgment motion instead of at the outset of the dispute and (b) that the reinsurer’s claims sounded in fraud (as opposed to contract) and were thus not arbitrable under a provision in a facultative reinsurance agreement providing for arbitration of disputes “arising out of the interpretation of this agreement.” …
Read More Second Circuit Finds that Reinsurer’s Fraud Claims Are Not Arbitrable, but Reverses District Court’s Judgment and Holds that those Claims Are Time-Barred, Relieving Cedents of Liability
Prominent New York State Insurance Department Official to Speak at IFNY Event
By Troutman Pepper Locke on
EAPD’s New York office will host an Insurance Federation of New York (IFNY) Breakfast on Thursday, September 30, 2010 featuring New York State Insurance Department’s Deputy Superintendent and General Counsel, Martha A. Lees. As General Counsel, Lees advises the Superintendent and other officers of the Department regarding a wide array of legal matters and is responsible for supervision of the Office of General Counsel. …
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