Mealey's Reinsurance

  • April 03, 2024

    Magistrate Judge Finds Reinsurer Liable For $2M In Damages In Reimbursement Row

    DALLAS — Concluding that a ceding insurer met the “subjective” notice standard in the parties’ agreement and that a reinsurer failed to show that it was prejudiced by the timing of the notice, a Texas federal magistrate judge dismissed the reinsurer’s claims with prejudice and granted the insurer summary judgment on its counterclaims.

  • April 02, 2024

    Judge: Recapture Didn’t Eliminate Jurisdiction In Arbitration Confirmation Case

    NEW YORK — Ruling that recapture did not eliminate the court’s subject matter jurisdiction, a New York federal judge granted a reinsurer’s petition to confirm a final arbitration award in a dispute over its decision to raise certain premiums, also denying the parties’ motions to seal information related to confidential arbitration proceedings.

  • April 02, 2024

    Reinsurer Wins Collateral Estoppel Ruling In Defense Costs Dispute With Insurer

    DETROIT — Saying that collateral estoppel applies because the “issue was actually litigated and decided during” the plaintiff insurer’s arbitration with a different entity, a Michigan federal judge ruled for a reinsurer in a defense costs dispute concerning asbestos lawsuits.

  • March 29, 2024

    Judge Nixes Fraud, Specific Performance Claims In Reinsurer’s Breach Lawsuit

    FORT WORTH, Texas — Granting motions for dismissal of all but two claims in a reinsurer’s case over allegedly inflated provisional commissions and breach of various agreements, a Texas federal judge called the case “a lesson in Murphy’s Law for unwitting contractees” and ruled that “bad looks cannot support a fraud claim where the resulting harm was merely contractual.”

  • March 28, 2024

    Receiver Of Reinsurer In Liquidation Proposes Proof Of Claim Procedures

    WILMINGTON, Del. — The receiver for life and health reinsurer Scottish Re (U.S.) Inc. (SRUS) filed motions to set bar dates for two types of claims under proof of claim (POC) procedure proposals filed in the Delaware Chancery Court.

  • March 27, 2024

    N.C. High Court Tosses Clarification Bid In Fraud Row With Insolvent Insurers

    RALEIGH, N.C. — The North Carolina Supreme Court dismissed insurers’ motion for clarification of the high court’s order granting a petition for supersedeas regarding an appellate court’s decision affirming a judgment for fraud against the purchaser of now-insolvent insurers and his affiliated companies.

  • March 27, 2024

    Some Of Railroad’s Claims Survive Dismissal In Mine Subsidence Preclusion Row

    SPRINGFIELD, Ill. — A railroad company’s claims for certain declaratory and injunctive relief regarding mine subsidence claims survive after an Illinois federal judge on March 26 partly granted a dismissal motion and rejected the argument that the second amended complaint (SAC) is futile.

  • March 27, 2024

    Dismissal Stipulated Before Jury Trial In Reinsurance Breach Of Contract Row

    LOS ANGELES — Parties in a reinsurance billing suit over a variety of claims that had been progressing toward a jury trial in California federal court have filed a one-paragraph March 26 stipulation dismissing the case in its entirety “with prejudice and without costs.”

  • March 26, 2024

    Insurers Win Summary Judgment On Bad Faith Claim In Case Over Settlement

    CINCINNATI — Ruling that Marginian v. Allstate Ins. Co. “plainly bars” the sole remaining bad faith claim under Ohio law “[a]nd no amount of discovery could change that,” an Ohio federal judge granted summary judgment for defendant insurers in litigation over the settlement of a third-party personal injury lawsuit.

  • March 21, 2024

    AFFF Maker Seeks Ruling That Pollution Exclusions Do Not Bar Liability Claims

    CHARLESTON, S.C. — A company that makes the firefighting agent known as aqueous film-forming foam (AFFF) has moved in South Carolina federal court for partial summary judgment against a group of insurers asking the court to find that the product liability and common-law causes of action alleging bodily injury and/or property damage that have been asserted against the company in the multidistrict litigation are not excluded from coverage by pollution exclusions.

  • March 19, 2024

    Amended Complaint Proposed In Delaware Suit Over Alleged Asset Dissipation

    WILMINGTON, Del. — Plaintiffs in a suit over the “Agera transactions” — a complex asset-swap arrangement that they allege resulted in the “dissipation of at least $250 million” — have moved in Delaware Chancery Court for leave to amend the complaint “to clarify the record and make minimal amendments.”

  • March 14, 2024

    Farmer, Regulators Brief Determination Row In Crop Insurance Case

    LUBBOCK, Texas — In competing motions for summary judgment and judgment on the administrative record in a crop insurance case, a farmer and federal regulators are disputing whether an agency applied the right standard and correctly considered expert testimony in concluding that the farmer failed to follow good farming practices (GFP).

  • March 14, 2024

    Receiver Gets Firm Deadline For Procedures Proposal In Reinsurer’s Liquidation

    WILMINGTON, Del. —  Modifying a proposed scheduling order, a Delaware Chancery Court vice chancellor has given the receiver for life and health reinsurer Scottish Re (U.S.) Inc. (SRUS) until March 25 to seek approval of proof-of-claim processes and related liquidation procedures.

  • March 13, 2024

    As Tax Penalty Row Over Microcaptives Nears Jury Trial, Parties Seek Exclusions

    FORT MYERS, Fla. — After a Florida federal judge denied motions for summary judgment and to preclude the testimony of three experts in consolidated cases involving promotion of purported microcaptive insurance companies, the parties asked the court to exclude certain evidence and terms from the approaching jury trial.

  • March 13, 2024

    Judge Certifies Settlement Class Over Alleged Fraud, Won’t Approve $195,000 Deal

    SANTA ANA, Calif. — Citing reasons including “serious concerns about the scope of recovery,” a California federal judge granted preliminary certification of a settlement class in a suit over alleged fraud involving captive reinsurance but denied preliminary approval of the proposed $195,000 settlement.

  • March 13, 2024

    AT&T Retirees File Putative Class ERISA Suit Over Pension Risk Transfer Deal

    BOSTON — Asserting in part that “reinsurance of ‘Pension Risk Transfer’ liabilities in Bermuda poses unique risks to pensioners,” four AT&T Inc. retirees who participated in a defined-benefit pension plan filed a class complaint in Massachusetts federal court challenging a “de-risking” transaction under the Employee Retirement Income Security Act.

  • March 12, 2024

    Discovery Orders Granted, Appeal Filed In Vesttoo Chapter 11 Bankruptcy Cases

    WILMINGTON, Del. — A notice of appeal has been filed concerning the confirmation of a Chapter 11 plan of liquidation for Vesttoo Ltd. and its dozens of affiliates, and a Delaware federal bankruptcy judge on March 11 granted four unopposed motions for leave to conduct discovery against banking entities.

  • March 11, 2024

    English Justice Addresses Broker Disclosure In Light Of Sanctions On Russia

    LONDON — A reinsurance placing broker would not contravene a set of United Kingdom sanctions against Russia by providing certain documents requested under an application for third-party disclosure in a case involving insurance and reinsurance for aircraft and engines leased to Russian entities, an English justice concluded.

  • March 11, 2024

    Judge Amends Consent Decree Order In Case Over Alleged Counterfeit Policies

    LOUISVILLE, Ky. — In a March 8 amended ruling entering a consent decree in a sprawling suit over allegations of fraud, trademark counterfeiting and trademark infringement involving captive reinsurance programs, a Kentucky federal judge said he “inadvertently omitted the names of two parties.”

  • March 11, 2024

    Class Certification Bid Draws Opposition In DUFTA Case Involving Insurer

    WILMINGTON, Del. — Arguing in part that proposed class representatives “appear to be as unqualified as” one rejected in Gordon v. Sonar Capital Mgmt. LLC, defendants in a suit over an alleged scheme to strip capital from an insurance subsidiary on which many policyholders depend for long-term care (LTC) disability benefits urged the Delaware Chancery Court to deny certification of the proposed class.

  • March 07, 2024

    Briefing On Tolling In Opt-In Class Cases Ordered In Consolidated ACA Suits

    WASHINGTON, D.C. — Saying “issues important to the resolution of the [government’s dismissal] Motion remain unaddressed,” a U.S. Court of Federal Claims judge ordered supplemental briefing in consolidated cases of group health plans that allege that contributions were illegally exacted from them under the Transitional Reinsurance Program (TRP) of the Patient Protection and Affordable Care Act (ACA).

  • March 05, 2024

    Tax Attorney, Government Report Unspecified Deal In Microcaptive Penalty Row

    WEST PALM BEACH, Fla. — With partial summary judgment and expert preclusion motions pending in the case involving a penalty related to microcaptive insurance companies, a tax attorney and the federal government on March 4 told a Florida federal court that they have reached an unspecified proposed settlement to fully resolve the case.

  • March 05, 2024

    Reinsurer Seeks Reconsideration In Default Dispute In Settlement Reimbursement Case

    OMAHA, Neb. — Arguing in part that “the prima facie standard only applies at the pre-trial stage,” a Brazil-based reinsurer has asked a Nebraska federal judge to reconsider denying its motion to set aside a default previously entered against it in the suit over reimbursement for a settlement reached with Montana regarding alleged asbestos exposure.

  • February 29, 2024

    U.S. Bankruptcy Judge Approves Liquidation Plan In Vesttoo Chapter 11 Cases

    WILMINGTON, Del. — After the latest in a string of recent hearings, a Delaware federal bankruptcy judge on Feb. 29 confirmed a Chapter 11 plan of liquidation for Vesttoo Ltd. and its dozens of affiliates, also approving four settlements — one with a caveat and one with conditions precedent.

  • February 29, 2024

    Parties Brief Corner Post In Health Plans’ Consolidated Illegal Exaction Cases

    WASHINGTON, D.C. — In supplemental briefing in the U.S. Court of Federal Claims, the government and group health plans both say a pending U.S. Supreme Court case will not resolve their dispute in consolidated cases where the plans allege that the government illegally exacted contributions from them under the Transitional Reinsurance Program (TRP) of the Patient Protection and Affordable Care Act (ACA).

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