Reinsurance

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Jeanne Kohler (New York) and Antony Woodhouse (London) of Edwards Angell Palmer & Dodge are attending the Brokers and Reinsurance Markets Association Committee Rendezvous in Naples, Florida to deliver presentations on US and UK legal developments, respectively. …
Read More Report from Brokers and Reinsurance Markets Association Committee Rendezvous in Naples, Florida

The Middle East’s “retakaful” market–reinsurance covering takaful insurance (direct insurance that complies with Islamic law)–continues to expand dramatically.  Takaful insurers are required to purchase reinsurance from companies that comply with Islamic law, unless such coverage is unavailable from those companies. …
Read More Retakaful Market Expanding By Leaps and Bounds

Arch Capital Group Ltd. (“Arch”)  has announced it will enter the emerging reinsurance market in the Middle East.  Gulf Re, a new reinsurer backed by Arch and the government-funded entity Gulf Investment Corp., will be based in the Dubai International Financial Centre and begin underwriting in that region upon receiving regulatory approval. 

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Read More Another Reinsurer to Enter the Growing Middle Eastern Market

A federal district court recently held that an ambiguity in a reinsurance contract’s arbitration provision regarding the structure of the arbitration and selection of arbitrators was for the arbitrators, not the court, to decide. 

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Read More Court Refers Ambiguity Over Structure of Arbitration and Selection of Arbitrators to the Panel

In Wasa v Lexington [2008] EWCA Civ 150, Lexington appealed against the decision of the English Commercial Court that it was not entitled to recover from its reinsurers in full its settlement with its insured, Alcoa. Lexington had settled with Alcoa after being found jointly and severally liable by the Supreme Court of Washington for Alcoa’s clean-up costs for pollution damage, irrespective of whether the damage had been sustained before, during or after the insurance period. …
Read More Follow the Settlements – the English Court of Appeal Overturns the Controversial First Instance Decision in Wasa v Lexington

Two weeks ago the Florida House of Representatives’ Jobs and Entrepreneurship Committee unanimously passed a bill, requiring insurers, which participate in Florida’s Hurricane Catastrophe Fund (“Cat Fund”), to purchase reinsurance from the private market.  The bill specifically seeks to eliminate last year’s $12 billion increase in Cat Fund coverage. 

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Read More Florida House Committee Passes Legislation to Expand Private Reinsurance Market

In Gater Assets Ltd v Nak Naftogaz Ukrainiy [2008] EWHC 237 (Comm), the applicant company, Nak Naftogaz Ukrainiy (NNU), applied to set aside an order permitting Gater Assets Ltd (Gater) to enforce as a judgment a New York Convention arbitration award issued by the International Commercial Arbitration Court of Moscow. 

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Read More UK High Court Dismisses Application to Set Aside Order in Favour of Monegasque Reinsurer Enforcing New York Convention Arbitration Award

Recently, in Nationwide Mutual Ins. Co. v. Randall & Quilter Reinsurance Co., No. C2-07-120 (S.D. Ohio, Jan. 24, 2008), the U.S. District Court for the Southern District of Ohio examined the scope of a court’s authority to confirm arbitration awards and orders under Section 9 of the Federal Arbitration Act (“FAA”). 

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Read More Federal Court Denies Reinsurer’s Motion to Enforce Confidentiality Order, Vacate Arbitration Award