PMA Capital Insurance Company (“PMA”) and Platinum Underwriters Bermuda, Ltd. (“Platinum”) entered into a reinsurance agreement that contained, among other things, a “deficit carry forward” provision. A dispute arose between the parties concerning the validity and scope of this provision, which was submitted to arbitration.
Reinsurance
Re Under 40s Next Event — “Preserving Liquid Assets” Lecture and Wine Tasting
By Troutman Pepper Locke on
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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In Private Letter Ruling, IRS Says Captive Reinsurance of Fronted Pools is “Insurance” for Tax Purposes
By Troutman Pepper Locke on
The Internal Revenue Service (IRS) issued a private letter ruling on December 11, 2009, resolving a taxpayer’s question as to whether its business as a captive reinsurer is “insurance” for tax purposes. The IRS provides private letter rulings upon individual taxpayer request in which the IRS interprets and applies tax law to a taxpayer’s specific set of facts.
UK: LMX Spiral Claims – Settlement Reached
By Troutman Pepper Locke on
Posted in Reinsurance, United Kingdom
We have previously reported here on the English Commercial Court decision in Equitas v R&Q Reinsurance (Brandywine), handed down on 11 November 2009.
Court Finds That Arbitration Award is Not Final for Purposes of Review under the FAA
By Troutman Pepper Locke on
Petitioners Mitsubishi Heavy Industries, Ltd. and Mitsubishi Power Systems Americas, Inc. (“Mitsubishi”) moved to vacate a partial arbitration award entered by the International Centre for Dispute Resolution in favor of Respondent Stone & Webster, Inc. (“Stone & Webster”).
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Federal Court Confirms Foreign Arbitration Award, Even Though Appeal of Award in Foreign Jurisdiction was Pending
By Troutman Pepper Locke on
Plaintiff China National Chartering Corp. (“CNCC”) petitioned the U.S. District Court for the Southern District of New York to confirm an arbitration award rendered in its favor against defendant Pactrans Air & Sea, Inc. (“Pactrans”) by the China Maritime Arbitration Commission (“CMAC”).
Europe: PERILS AG Launches Industry Loss Index Service for European Windstorm Events
By Troutman Pepper Locke on
We have reported previously on the formation of PERILS AG to collect and provide industry-wide European catastrophe insurance data (click here for our most recent post). …
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UK: LMX Spiral Claims – Landmark Decision
By Troutman Pepper Locke on
Posted in Reinsurance, United Kingdom
Senate Banking Committee Releases First Draft of American Financial Stability Act of 2009; Includes Nonadmitted and Reinsurance Reform Act and National Insurance Office
On Tuesday, November 10, 2009, the Senate Banking Committee, chaired by Senator Christopher Dodd (D-CT), released a first draft for discussion of the American Financial Stability Act of 2009 (the “Act”).
New York State Insurance Department Announces Cooperation Agreement with El Salvador
On Tuesday, October 29, 2009, New York State Insurance Department (“NYSID”) Superintendent James Wrynn announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the Superintendencia del Sistema Financiero de El Salvador (“SSF”), El Salvador’s insurance regulator.
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