Reinsurance Archives - Page 3 of 19 - The Insurance & Reinsurance Report

In this case, the cedent sued its reinsurer when it denied coverage because of late notice of its claim. Both parties filed a motion for summary judgment arguing the applicability of the late notice defense. The court granted the reinsurer’s motion.

From 1980-2009, a series of disputes and negotiations arose regarding asbestos claims against the underlying insured. It was not until 2009, through an “initial loss advice,” …

August 15, 2013 Reinsurance

Good News: Well Drafted Warranties Do Work

Amlin Corporate Member Limited and Others v. Oriental Assurance Corporation [2013] EWHC 2380 (Comm)
A dispute between London reinsurers and their Philippine reinsured arose from the sinking of a ferry, the “Princess of the Stars,” in the Philippines on June 21, 2008. The loss occurred because the master of the ship sailed into the midst of typhoon “Frank,” despite public storm warnings having been issued by the Philippine authorities the previous day. It seemed that the master of the ship had intended to take a …

May 20, 2013 Reinsurance

May Edition of Reinsurance Review is Now Available

For a free copy of this month’s edition, click here.

To receive this publication for free each month, please contact Jeffrey Kingsley at [email protected].…

May 20, 2013 Reinsurance

Cases for Reinsurance Review – May 2013 Edition

Cases provided courtesy of LexisNexis

AIU INS. CO. V. TIG INS. CO.

BEAZLEY UNDERWRITING LIMITED AND OTHERS V. AL AHLEIA INSURANCE COMPANY AND OTHER COMPANIES

BURKE V. ABILITY INS. CO.

MUNICH REINSURANCE AM., INC. V. AM. NAT’L INS. CO.

NEW HAMPSHIRE INS. CO. V. MAGELLAN REINSURANCE CO.

NEW JERSEY PHYSICIANS UNITED RECIPROCAL EXCHANGE V. ACE UNDERWRITING AGENCIES LTD.

OLYMPUS INSURANCE CO. V. AON BENFIELD, INC.

PINE TOP RECEIVABLES OF ILLINOIS, LLC V. BANCO DE SEGUROS DEL ESTADO

THE INSURANCE CO. OF THE STATE OF PENNSYLVANIA …

May 16, 2013 Reinsurance

Reinsurers Kept on the Hook Despite Cedent’s Settlement in $28 Million Kuwait Oil Claim

Beazley Underwriting Limited and others v Al Ahleia Insurance Company and other companies [2013] EWHC 677 (Comm)

This case centers on the relationship between cedents and reinsurers and compliance with a claims control clause which requires the cedent to allow the reinsurers to control aspects of claim handling. In this case the claimant reinsurers claim they are not liable under the reinsurance policy while the cedents assert that the reinsurer owes coverage.

By way of background, on October 3, 2005 the Kuwait Oil Company entered …

May 8, 2013 Reinsurance

Reconsideration Granted in Part in Reinsurance Dispute

Munich Reinsurance Am., Inc. v. Am. Nat’l Ins. Co.
(D.N.J. Mar. 28, 2013)

On March 28, 2013, USDC Judge Freda L. Wolfson granted summary judgment in part on a motion for reconsideration of an earlier decision, but noted that with respect to certain retrocessional reinsurance claims there remain genuine issues of material fact. In the case, Munich Reinsurance America Inc. (Munich Re) reinsured the workers’ compensation insurance program of Everest National Insurance Co. (Everest) under an excess-of-loss reinsurance agreement. Munich Re then retrocessionally reinsured the …

March 29, 2013 Reinsurance

No Prejudice, No Problem: Reinsurer Not Required to Show Prejudice in Late Notice Dispute

AIU Ins. Co. v. TIG Ins. Co. (S.D.N.Y. Mar. 25, 2013)

On March 25, Judge Sidney H. Stein, of the USDC for the Southern District of New York, agreed with a magistrate report and recommendation and granted summary judgment to a reinsurer, ruling that the reinsurer did not have to show prejudice when denying coverage because of an insurer’s late notice of a claim. Foster Wheeler, a company that used asbestos in its products, was insured by Liberty Mutual Insurance Co. AIU Insurance Co. issued …

March 7, 2013 Reinsurance