The Connecticut Supreme Court recently reversed a judgment that had been in favor of an automobile insurer in a breach of contract action brought by glass repair companies who had been assigned the rights of the defendant’s insureds.
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Hedge Fund Closes Two of its Funds and Liquidates Holdings
By Troutman Pepper Locke on
Posted in D&O Liability, United States
According to press reports, Atticus Capital announced recently that it would shut down two of its three funds and liquidate their $3 billion in holdings. The company’s founder cited personal reasons for this action. The two funds had a heavy concentration in the financial sector, which resulted in significant losses last year. Atticus will continue to manage the $1.2 billion Atticus European Fund. …
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Fifth Circuit Affirms Denial of Request for Discovery for Use in a Private International Arbitration Proceeding Pursuant to 28 U.S.C. § 1782
By Troutman Pepper Locke on
In a decision filed August 6, 2009, the U.S. Court of Appeals for the Fifth Circuit affirmed the district court’s denial of a request under 28 U.S.C. § 1782 for discovery for use in a private international arbitration proceeding. Section 1782 provides a mechanism by which parties to a foreign or international proceeding may petition a federal district court to order a party residing in that district to provide documentary or testimonial evidence to a foreign or international tribunal. …
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District of Columbia Appoints New Commissioner
By Troutman Pepper Locke on
Posted in Industry Developments, United States
On August 28, 2009, the District of Columbia Department of Insurance, Securities and Banking (“DISB”) issued a press release announcing that Thomas E. Hampton has stepped down as Commissioner of the DISB. …
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Federal Court Orders Insurer to Produce Information about its Reinsurance Agreements
By Troutman Pepper Locke on
Posted in Reinsurance, United States
Mechanical Dynamics & Analysis, LLC (“MD&A”) performed repairs on a generator at a power plant owned by the Arizona Public Service Company (“APS”). Thereafter, the generator failed and was out of service for 111 days, resulting in a loss of more than $20 million for APS. …
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Insurance & Reinsurance Review – September 2009
Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department recently published its latest Newsletter, Insurance & Reinsurance Review – September 2009, which contains nine articles about various topics in the insurance and reinsurance industry. …
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UK: Incoming Regulations May Increase Actuarial Costs
By Troutman Pepper Locke on
On 1 September 2009, the General Insurers’ Technical Provisions (Appropriate Amount) (Tax) Regulations 2009 (the Regulation) comes into force in the UK (for a link to the Regulation please click here).
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UK: Changes to UK Trade Credit Insurance Top Up Scheme
By Troutman Pepper Locke on
Posted in Regulatory, United Kingdom
In the 2009 Budget, on 22 April 2009, the Chancellor announced the introduction of a Government-backed ‘top-up’ trade credit insurance scheme aimed at addressing the challenges that UK businesses were facing as a result of the reduction in availability of trade credit insurance (the Scheme).
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Colonial Bancgroup Subprime Shareholder Derivative Action Dismissed
By Troutman Pepper Locke on
Posted in D&O Liability, United States
On July 20, 2009, the US District Court for the Northern District of Alabama granted the defendants motion to dismiss in a shareholder derivative action that named the directors and officers of Colonial Bancgroup as defendants.
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First Circuit Upholds Decision to Deny Insurer Recoupment of Deductibles Following Class Action Settlement
By Troutman Pepper Locke on
Posted in Coverage & Claims, United States
The First Circuit recently affirmed the decision of the United States District Court for the District of Maine to deny American National Fire Insurance Company’s (“ANFIC”) plea for recoupment of a settlement payment made by ANFIC to York County Jail. ANFIC argued that it was entitled to a per-claim deductible, which negated its settlement payment. …
Read More First Circuit Upholds Decision to Deny Insurer Recoupment of Deductibles Following Class Action Settlement