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In Tokio Marine Europe Insurance Limited v Novae Corporate Underwriting Limited [2014] EWHC 2105 (Comm), Mr Justice Field granted an application by Tokio Marine Europe Insurance Limited (Tokio) for summary judgment, holding that a defence raised by Novae Corporate Underwriting Limited (Novae) that the underlying settlement was entered into without the insured having taken all proper and businesslike steps had no reasonable prospect of success. …
Read More UK: Commercial Court Grants Summary Judgment in Relation to a Follow the Settlements Clause

Please join us on June 5, 2014 for our 13th Annual Half-Day Insurance and Reinsurance Complimentary Seminar being held in our New York Office.…
Read More COMPLIMENTARY SEMINAR – 13th Annual Half-Day Insurance and Reinsurance Seminar

Public Act No. 14-6 (the “Act”), which would amend Connecticut’s captive law, has passed both the Connecticut State Senate and House of Representatives, and is on its way to Governor Malloy’s desk for signature. …
Read More CT Seeks to Amend Captive Insurance Law in Continued Effort to Attract Captives

We have been closely following the progress of a Massachusetts bill that would realign the Commonwealth’s reinsurance regulations to make them more consistent with the increasingly global nature of insurance and reinsurance markets. …
Read More Massachusetts House Committee Revises Proposed Reinsurance Credit Legislation

Following up on our earlier Insurance and Reinsurance Blog on this matter (the relevant post can be found here), the Internal Revenue Service today filed an appeal to the United States Court of Appeals for the District of Columbia Circuit of the recent United States District Court decision in the Validus case (holding that the excise tax imposed on the foreign insurance/reinsurance of U.S. risks by Section 4371 of the Internal Revenue Code does not apply to retrocession policies). …
Read More Internal Revenue Service Files Appeal in the Validus Excise Tax Case

The U.S. Court of Appeals for the First Circuit earlier this year held that the preclusive effect of a prior arbitration is itself a matter for arbitration as between a reinsurer and its cedent. …
Read More First Circuit Holds That Preclusive Effect Of Prior Arbitration Outcome Is Itself An Arbitrable Issue