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Edwards Wildman Palmer LLP will host the Insurance Federation of New York’s 2012 kick-off  “Breakfast with…” program at its New York office on Friday morning, January 20.  The topic  will be the “Impact of Natural Catastrophes in 2011 on Insurers’ Results,” which will be addressed by an expert panel of economists and insurance executives. …
Read More Edwards Wildman to Host IFNY’s 2012 “Breakfast with. . .” Kick-off Program

Two recent decisions from federal courts addressed an important issue for many reinsurers: whether a non-party to a reinsurance agreement (such as a cedent’s insured) can proceed directly against the reinsurer for amounts owed to the non-party by the ceding company. …
Read More Client Advisory – Federal Courts Find that Reinsurer is Not Directly Liable to Third Parties

In a statement last week, Therese Vaughn, Chief Executive Officer of the National Association of Insurance Commissioners (the NAIC”), stated that the state-based regulatory system in the United States should be deemed equivalent to the Europe Union’s Solvency II regulatory process.  According to Vaughn, while the United States will not have a single set of rules like the European Union, the state-based works and has been tested by the recent financial crisis. …
Read More National Association of Insurance Commissioners States That the United States Will Gain Solvency II Equivalence

The Commercial Court has held that a “follow the leader” clause was to have a broad application and was not restricted to quantum unless there was clear language indicating such restriction. …
Read More UK: Court Finds a ‘Follow the Leader’ Clause Applies to Both Quantum and Liability Issues

Please join the U.S. Reinsurance Under 40s Group for a happy hour this Wednesday, October 26, at St. Andrew’s Restaurant and Bar, located at 140 West 46 Street (between 6th and 7th Ave.).  The event will run from 5:30-8:30, and the Group has reserved a private area in the upstairs section of St. Andrew’s. …
Read More U.S. Reinsurance Under 40s Group to Host an Event This Wednesday

Earlier this month, the U.S. House and U.S. Senate introduced legislation that would defer tax deductions for insurers that cede large portions of their U.S. premiums to offshore affiliates. …
Read More The House and Senate Introduce Bills Deferring Tax Deductions for Foreign Reinsurers

On October 6, 2011, the Florida Office of Insurance Regulation (“FOIR”) announced that the FOIR entered into reduced collateral agreements with Lloyd’s of London to 20% pursuant to Section 690-144.007 of the Florida Administrative Code (the “Rule”). …
Read More Florida Agrees to Reduce Collateral Requirements for Lloyd’s

A Pennsylvania federal court recently held that, in order to prevail on a late notice defense, a reinsurer was required to show that it was prejudiced by a cedent’s breach of a facultative certificate’s notice provision, despite the fact that compliance with that provision was a condition precedent to coverage.   See Pacific Employers Ins. Co. v. Global Reinsurance Corp., No. 09-6055 (E. D. Pa. 2011). …
Read More Pennsylvania Federal Court Finds that Reinsurer Must Prove Prejudice to Succeed on its Late Notice Defense

Please join the U.S. Reinsurance Under 40s Group tonight for a summary happy hour!  The event will take place from 5:30-8:00 pm at The Frying Pan in New York City, which is located at Pier 66, Maritime, at the intersection of 26th Street and the Westside Highway.  We have a private space, and expect an excellent turn out at this great venue.  So please come join us for this fabulous networking and socializing event.  You can still RSVP at the Group’s website — reunder40s.org.  We look forward to seeing you there!!! …
Read More Re Under 40s Happy Hour Tonight!!