Search Results for: new york

Utica Insurance Co. v. Fireman's Fund Insurance Co. (Northern District of New York, November 2, 2009)

This action stems from several underlying actions regarding umbrella policies Utica issued between 1966 through 1972.  In order to reduce its risk, Utica purchased reinsurance from the Fireman's Fund among other reinsurers.  Utica's insured filed several asbestos-related claims under its umbrella policies which resulted in Utica paying close to 25 million dollars in settlements.  According to the pleadings, Utica provided the Fireman's Fund with all the expenses and billing information it …

Princeton Insurance Co. v. Converium Reinsurance (North America) Inc.

(Third Circuit, September 14, 2009)

In Princeton Insurance Company v. Converium Reinsurance (North America) Inc., the cedent and reinsurer entered into a treaty regarding workers’ compensation and employer’s liability policies.  The treaty provided reinsurance for claims exceeding $1 million. The treaty included a warranty which provided that  the cedent “warrants that the maximum Employer’s Liability limits are as follows, or so deemed:  i. Bodily Injury by Accident – $100,000 each accident.”…

NATIONAL COUNCIL ON COMPENSATION INSURANCE, INC. V. AIG, ET AL

(NORTHERN DISTRICT OF ILLINOIS AUGUST 20, 2009)

The issue before the district court is whether the National Council of Compensation Insurance, Inc. (“NCCI”) had standing to assert claims involving a National Workers Compensation Reinsurance Pool (“Pool”).  The Pool is an unincorporated active association that provides an insurance company with a means of complying with residual market requirements.  To become part of the Pool, insurers must execute a contract stating that the NCCI …

TIG Insurance Company v. Global International Reinsurance Company (Southern District of New York, August 11, 2009)

Global International Reinsurance Company agreed to indemnify TIG Insurance Company for certain losses. TIG performed an internal audit for losses prior to 2003 to ensure claims were properly coded. Global did not object to the protocol employed by TIG.

The audit showed a number of claims were indeed miscoded. TIG represented to Global that the errors had been remedied. The parties entered into a settlement agreement that dismissed with …