Topic: Reinsurance

Connecticut State Court Rules That Service On Designated Agents For Process Sufficient And Orders Hearing On Amount Of Prepleading Security To Be Posted

On remand for further proceedings from the Connecticut Supreme Court, the Appellate Court of Connecticut recently agreed with plaintiffs Hartford Accident and Indemnity Company and thirteen of its affiliates’ statutory interpretation of Connecticut General Statutes § 38a-27, holding that the plaintiffs are entitled to prepleading security from defendants Ace American Reinsurance Company and various other foreign reinsurance companies. 

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Southern District of New York Denies Summary Judgment to Cedent in Case Involving 3M Settlement

In National Union Fire Ins. Co. of Pittsburgh, Pa. v. Clearwater Ins. Co., 04-CV-5023 (S.D.N.Y., July 21, 2007), the Southern District of New York denied a cedent’s motion for summary judgment based on the follow the fortunes doctrine, finding that a material issue of fact existed as to whether a portion of a settlement involved payment for consequential damages claims that would be excluded under the reinsurance certificate at issue. 

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Travelers Enters Settlement with ACandS, Ending “Potentially Unlimited” Exposure; Plan Includes Reinsurance Allocation

The Travelers Companies, Inc. has announced a settlement with ACandS Inc. to resolve all current and future asbestos-related coverage claims.  ACandS, an insulation contractor, has been undergoing Chapter 11 reorganization since 2002, and its bankruptcy counsel has described the Travelers insurance coverage as “the most important asset of ACandS’s bankruptcy estate.” 

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Reinsurer Not Obligated to Follow Cedent’s Settlement Allocation

On June 12, 2007, a New York appellate court reversed a lower court’s decision and held that a reinsurer was not required to follow the fortunes of a cedent’s loss allocation on a single occurrence “per site” basis, finding that such allocation, which allowed the cedent to exceed the facultative reinsurance contract’s $1 million per-occurrence deductible with respect to certain sites, was unreasonable. 

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