Reinsurance

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National Union Fire Insurance Company of Pittsburgh, PA entered into a reinsurance treaty with Odyssey America Reinsurance Corporation, which contained an arbitration clause.  After a dispute arose between the parties and was submitted to arbitration, a panel issued a ruling in Odyssey’s favor. 

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Read More Federal Court Upholds an Arbitration Panel’s Award Requiring a Cedent to Pay its Reinsurer’s Attorneys’ Fees

The Liquidator of Midland Insurance Company moved to remand to state court a lawsuit asserted against Dunav Re to recover for claims billed to Dunav Re by Midland under certain reinsurance treaties. …
Read More Federal Court Enforces Service of Suit Provision in Reinsurance Treaties, Grants Liquidator’s Motion to Remand Lawsuit to State Court

Petitioner Sun Life Assurance Company of Canada (“Sun Life”) moved to confirm an arbitration award against Respondents Liberty Mutual Insurance Company, Golden Eagle Insurance Corporation and San Diego Insurance Company.  The award was rendered by a panel of three actuaries and required Sun Life to pay a specific commutation amount to Respondents pursuant to certain reinsurance contracts. …
Read More California Federal Court Finds That Issue of Whether Commutation Terminated Certain Reinsurance Contracts was for the Arbitration Panel to Decide

The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has recently announced that it has agreed to further enhance supervisory cooperation with the Swiss insurance supervisor, the Swiss Financial Market Supervisory Authority (FINMA). 

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Read More EU/UK: The Committee of European Insurance and Occupational Pensions Supervisors and the Swiss Insurance Supervisor Agree to Enhance Supervisory Cooperation

President Barack Obama’s recently released proposed Budget of the U.S. Government for the Fiscal Year 2011 (the “Proposed 2011 Budget”) would disallow the deduction for excess non-taxed reinsurance premiums paid to foreign affiliates by a U.S. insurance company.  The Proposed 2011 Budget projects that this disallowance would result in tax receipts of $22 million in 2011, and totaling $223 million over the next five years. 

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Read More Obama Proposes Budget That Would End Foreign Reinsurer Tax Advantages

Join the U.S. Reinsurance Under 40s Group’s at their next event, “Preserving Liquid Assets” Lecture and Wine Tasting, on February 10 at the offices of Edwards Angell Palmer & Dodge in New York. 

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Read More REMINDER: Re Under 40s Next Event — “Preserving Liquid Assets” Lecture and Wine Tasting

Plaintiff B.D. Cooke & Partners Limited, as Assignee of Citizens Casualty Company of New York (in Liquidation) (“Cooke”), filed a lawsuit against defendant Certain Underwriters at Lloyd’s, London (“Underwriters”).  Underwriters moved to compel arbitration, which was granted by the U.S. District Court for the Southern District of New York. 

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Read More District Court Denies Motion to Stay, Holds That Potential for Unnecessary Arbitration-Related Expenses Does Not Constitute Irreparable Harm or Clear Hardship

The Insurance and Reinsurance Department of Edwards Angell Palmer & Dodge is holding a 60 minute complimentary webinar entitled “¿Seguro? Opportunities and Risks for (Re)Insurers in Latin America in 2010 and Beyond” on Tuesday, February 23, 2010 at 10:00 am (EST). 

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Read More Free Webinar: ¿Seguro? Opportunities and Risks for (Re)Insurers in Latin America in 2010 and Beyond

Petitioner United States Life Insurance Company (“U.S. Life”) reinsured workers’ compensation policies issued by five insurers domiciled in California (collectively, “SNICIL”).  The five insurers later declared insolvency, and the California Insurance Commissioner became SNICIL’s statutory liquidator.  A dispute arose between the parties, and U.S. Life demanded arbitration. …
Read More Ninth Circuit Confirms Arbitration Award, Holds that Panel’s Ex Parte Meeting with Certain Expert Witnesses did not Justify Vacatur