New York Developments

Subscribe to New York Developments via RSS
Don’t forget to RSVP for the U.S. Reinsurance Under 40s Group’s ReIndustry Speak on October 23 in New York from 6:00 – 9:00 p.m.  The event, which is sponsored by Swiss Re, will feature hear Jim Fiore (QBE the Americas, Chief Operating Officer) and Alan J Levin (Edwards Angell Palmer & Dodge, co-chair of Insurance & Reinsurance Department), as they speak about the reinsurance industry.  They will speak about how the industry has changed over the years, where the industry is going, and will give advice about climbing the ladder of (reinsurance) success. 

…
Read More Reinsurance Under 40s Group’s ReIndustry Speak on October 23 in New York

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. 

…
Read More MBIA Closes Reinsurance Agreement with Financial Guaranty Insurance Company

On September 29, 2008, New York State Insurance Superintendent Eric Dinallo and Chief Executive Officer Matthew Elderfield of the Bermuda Monetary Authority (“BMA”) signed a memorandum of understanding (the “MoU”). …
Read More New York State Insurance Department and Bermuda Monetary Authority Sign Cooperation Agreement

The United States District Court for the Southern District of New York recently dismissed for a second time a federal securities class action against American Express Co. (“Amex”).  The action, entitled In re: American Express Co. Securities Litigation, involves substantial losses by Amex from investments by one of its subsidiaries in high-risk, high-yield debt instruments. 

…
Read More S.D.N.Y. Dismissal In Amex Indicates How Courts Should Analyze Suits Spawned By Credit Crisis

The options backdating-related shareholder derivative action against several current and former board members of Glenayre Technologies Inc., settled for certain corporate governance changes at the company and the defendants’ agreement not to challenge a plaintiff’s counsel fee award request of $775,000. …
Read More NY Court Rejects Plaintiff’s Counsel’s Fee Award in Settlement of Options Backdating Shareholder Derivative Action

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’

Today, the AIG Task Force (“Task Force”) of the National Association of Insurance Commissioners (“NAIC’) held a public briefing during which it outlined the Task Force’s efforts with respect to overseeing AIG’s insurance operating units of the troubled insurance giant.

…
Read More BREAKING NEWS: NAIC Public Briefing Regarding AIG

In a reversal of its previous position, the New York Insurance Department (the “NYID”) announced yesterday that it would regulate, as insurance, certain credit default swap contracts.  The new rules, which go into effect in January 2009, would cover CDS contracts bought by investors that also own the actual bonds or loans referenced by the swaps.  The change would require institutions selling such contracts to be licensed as insurance companies.  However, “naked swaps,” where the buyer or investor does not own the underlying bond, would remain free from regulation as insurance. …
Read More New York to Regulate Certain Credit Default Swaps As Insurance

In an effort to aggressively counter the recent market crisis, the United States Securities & Exchange Commission and United Kingdom’s Financial Services Authority announced today that they have temporarily banned all short-selling in financial companies. …
Read More BREAKING NEWS: SEC AND FSA Ban Short-Selling in Financial Companies

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