Reinsurance

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The Competition Directorate General of the European Commission (the ‘Commission’) has issued a tender for a third party contractor to undertake a wide-ranging study into co-reinsurance pools and ad hoc co-reinsurance agreements on the subscriptions market within the EU. …
Read More EU: European Commission to Monitor Co-Reinsurance Practices

James Fellus commenced arbitration against his former employer, Sterne, Agee & Leach, Inc. (“SAL”), seeking damages for wrongful termination.  At the close of the arbitration hearing, Fellus submitted an exhibit related to one of the central issues before the panel.  SAL objected to the use of this exhibit, but was overruled.  The arbitrators ultimately issued an award in Fellus’ favor. …
Read More New York Federal Court Finds That Panel’s Refusal to Hear Certain Evidence Does Not Justify Vacating Arbitration Award

International Capital & Management Company arbitrated a dispute against Bear Stearns before the Financial Industry Regulatory Authority (“FINRA”).  International Capital ultimately withdrew its claims in the arbitration, after which the FINRA panel ordered it to pay more than $300,000 of Bear Stearns’ attorneys’ fees related to the withdrawn claims.  International Capital moved to vacate this portion of the panel’s award. …
Read More Arbitrators’ Award of Attorneys’ Fees Upheld

In a 77-page decision handed down this morning, the U.S. Court of Appeals for the Second Circuit vacated the convictions of five former insurance executives whom prosecutors had alleged engaged in a fraudulent reinsurance transaction.  A new trial has been ordered.  United States v. Ferguson, et al., No. 08-6211-cr (L) (2d Cir. Aug. 1, 2011).  A copy of the court’s decision is available here. …
Read More Second Circuit Throws Out Criminal Convictions Stemming From Reinsurance Transactions

Reinsurance broker Holborn reported that losses from the Japanese earthquake and tsunami could reach an all-time high for reinsurers at $30 billion, according to a recent article in the Insurance Insider. Holburn estimates reinsurers’ share of losses from the Japan disaster at between $20 billion and $30 billion out of the disaster’s total gross loss estimated at $40 billion to $65 billion. …
Read More Japan Reinsurance Losses Estimated at $30 Billion

Greg Hoffnagle and Rob DiUbaldo of Edwards Angell Palmer & Dodge’s New York office will be presenting “Hydrofracking Risks & Opportunities: What Underwriters Need to Know” at 11:15 a.m. on July 20, 2011: …
Read More Reinsurance Association of America’s Re Underwriting Conference – July 20, 2011 (New York)

Please join the U.S. Reinsurance Under 40s Group tonight for a happy hour on the rooftop at the Hotel Indigo, which is located at 127 West 28th Street in New York City.  The Group will be welcoming its new Board for the 2011-2012 term and celebrating another great year. …
Read More Re Under 40s Group to Host Rooftop Happy Hour Event Tonight

Munich Reinsurance America was reinsured under a treaty in which National Casualty Corporation and Employers Insurance Company of Wausau, among others, participated as reinsurers.  The treaty contained an arbitration clause that provided as follows: …
Read More Federal Court Finds that Treaty’s Consolidation Language is for Arbitrators to Interpret

On 20 June 2011, the Bank of England and the Financial Services Authority published a joint paper (click here for a copy) outlining their current thinking on how the Prudential Regulation Authority (PRA), once established, will approach the supervision of (re)insurers. Acknowledging that the nature of (re)insurers’ business models exposes them to a different set of risks than banks, the paper sets out how the PRA will adapt its supervisory methods accordingly. …
Read More UK: Bank of England and FSA Publish Joint Paper Detailing Supervisory Approach to be Taken by PRA