In 2009, we reported on an action brought by Callon Petroleum Company (“Callon”) against National Indemnity Company (“NICO”) to recover for a judgment Callon obtained against NICO’s cedent, Frontier Insurance Company (“Frontier”). 
Read More New York Federal Court Rules That No Contractual Privity Exists Between Third Party Claimant and Reinsurer

In a “Dear CEO” letter dated 8 February 2011, Hector Sants announced that the FSA would adopt a new management structure on 4 April 2011, designed to reflect the “twin peaks” regulatory structure which the UK government intends to implement in 2013 (click here to see our most recent post on this subject). 
Read More UK’s FSA will reorganise business units on 4 April 2011

We previously reported on the judgment in the case of Masefield AG v Amlin Corporate Member Ltd [2010] EWHC 280 (Comm), [click here for our previous blog], concerning the interpretation of actual and constructive total loss under the Marine Insurance Act 1906 (the Act). 
Read More UK: Payment of Pirate Ransom Defeats Insured’s Claim for Actual Total Loss

On February 7, 2011, the Florida Senate and Banking Insurance Committee passed S.B. 178 (the “Bill”) by a vote of 8-2.  The Bill would amend Florida’s current rate filing laws to allow for the “use and file” of rates for commercial motor vehicle insurance covering fleets of less than 20 vehicles, fiduciary liability, general liability, nonresidential property, nonresidential multiperil and excess property insurance. 
Read More Florida Bill To Deregulate Rates For Certain Commercial Coverages Passes Senate Committee

William P. White has been selected to be the new Commissioner of the District of Columbia Department of Insurance, Securities and Banking (“DISB”) by Mayor Vincent Gray.  He has significant experience in the insurance industry, particularly with alternative risk transfer (ART) transactions and captive insurance companies. 
Read More White Selected As Commissioner of the District of Columbia Department of Insurance, Securities and Banking

On January 25, lawmakers in both the House and Senate introduced companion bills that would immediately repeal the $20 billion tax on medical devices that was included in the new healthcare reform law – the Patient Protection and Affordable Care Act (PPACA). 
Read More Healthcare News from Capitol Hill and the Department of Health and Human Services – February 7, 2011

The U.S. Court of Appeals for the Seventh Circuit recently issued its opinion in Trustmark Ins. Co. v. John Hancock Life Ins. Co., a case that both the reinsurance and general arbitration communities have been following closely.  In a unanimous opinion, the Seventh Circuit reversed the District Court’s decision to hold that a party-appointed arbitrator’s prior involvement in an earlier arbitration between the parties did not disqualify him or render him incapable of serving in a subsequent arbitration involving related issues. 
Read More Seventh Circuit Unanimously Lifts Injunction Issued in Arbitration, Holding that Arbitrator’s Service in Prior Arbitration Between the Parties Involving Overlapping Issues Did Not Disqualify Him from Serving in Subsequent Arbitration

Connecticut Governor Dan Malloy announced today his appointment of Thomas Leonardi as the new Insurance Commissioner of the Connecticut Department of Insurance.  Leonardi currently serves as the Chairman and CEO of Northington Partners, Inc., an insurance specialty venture capital and investment banking firm, where he has worked with insurance companies on strategic, investment, capital raising and financial advisory matters. 
Read More New Connecticut Insurance Commissioner Announced Today

According to a recent Reuters article, Cyclone Yasi is expected to cost insurers approximately AUS $3.5 billion in insured damage, according to Forecasting Service Tropical Storm Risk (“TSR”).  Cyclone Yasi, a maximum strength category five storm about the size of Italy, has drawn much comparison with Hurricane Katrina, which caused massive damage to New Orleans and surrounding states in 2005.  (Some estimate that the insured losses alone caused by Hurricane Katrina reached US $66 billion.) 
Read More Australian Cyclone Yasi Causes Major Damage, Exposes Potentially Significant Insurance Losses