Reinsurance

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A federal court recently denied a cedent’s motion to transfer a lawsuit commenced by its reinsurer from New York to Connecticut.  The cedent argued that the case should be transferred because the issues involved were related to similar lawsuits commenced by the cedent against other reinsurers in Connecticut, and because the action could have been brought in that forum. …
Read More Federal Court Rules that Reinsurance Dispute Should Not be Transferred from New York to Connecticut

The U.S. Supreme Court recently denied a reinsurer’s request to hear a dispute that concerned, among other things, whether a cedent’s party-appointed arbitrator should be disqualified from serving in a subsequent arbitration involving related parties and issues. …
Read More Supreme Court Denies Reinsurer’s Petition to Hear Arbitrator Disqualification Case

The U.S. Re Under 40s Group’s next event – What Aftershocks Will the (Re)Insurance Industry See from the Great East Japan Earthquake and Tsunami? – will take place on May 25 in Swiss Re’s midtown office. …
Read More Don’t Miss the U.S. Re Under 40s Group’s Next Event – What Aftershocks Will the (Re)Insurance Industry See from the Great East Japan Earthquake and Tsunami?

On April 25, 2011, the Rhode Island Superior Court (Silverstein, J.) ruled in favor of the constitutionality of the Voluntary Restructuring of Solvent Insurers Act (the “Restructuring Act”), a state statute enacted in 2002 that allows Rhode Island domestic commercial insurers and reinsurers (including those that redomesticate to Rhode Island) to enter into a commutation plan for their run-off business.  Under such a plan, the insurer/reinsurer agrees to pay policyholders/cedents the estimated value of their claims as of a set date in exchange for extinguishing the right to make any future claims. …
Read More Rhode Island Statute Allowing for the Commutation of a Solvent Insurer’s Run-Off Business Held Constitutional

Thanks to the Supreme Court’s ruling in AT&T Mobility LLC v. Concepcion, businesses now have a mechanism to insulate themselves from costly class actions. In Concepcion, the Court considered whether states can invalidate arbitration agreements that prohibit class arbitration proceedings. …
Read More Client Advisory – Supreme Court Ruling Deals a Blow to Consumer Class Actions

A hydrofracking well exploded near Leroy Township, Pennsylvania on Tuesday, spilling chemically treated water into a nearby creek that feeds the Susquehanna River and prompting the evacuation of certain residents.  The incident occurred while a crew from Chesapeake Energy Corporation was in the midst of “fracking” the well, a method by which one injects a mixture of water, sand and chemicals into dense rock at high pressures in order to release oil and gas.  The cause of the spill was reportedly due to equipment failure. …
Read More Breaking News: Hydrofracking-Related Spill in Pennsylvania