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GLOBAL General & Reinsurance Company Ltd seeks US court assistance in aid of last of four UK runoff schemes

Edwards Wildman Palmer LLP
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United Kingdom, USA
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February 1 2011

The administrator who is running off the business of English (re)insurer GLOBAL General & Reinsurance Company Ltd filed a petition under Chapter 15 of the United States Bankruptcy Code with the federal bankruptcy court in Manhattan yesterday

Insurance premium financiers beware: once again timing is everything

Edwards Wildman Palmer LLP
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USA
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September 9 2008

In In re Falcon Products, Inc., 381 B.R. 543 (8th Cir. BAP, 2008), the bankruptcy appellate panel (BAP) for the Eighth Circuit reversed a decision by the bankruptcy court for the District of Missouri, and held that when applying the hypothetical liquidation test to determine whether a secured creditor received potentially preferential payments, the collateral must be valued as of the petition date and not as of the payment transfer date

Court rules D&O policy’s Side-A benefits not property of bankrupt estate

Edwards Wildman Palmer LLP
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USA
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September 9 2010

A Maryland bankruptcy court has declared that Side A benefits under a D&O policy are not property of the bankrupt estate, with the result that two former executives who have been accused of making illegal payments and diverting funds from their former employer to start a new venture may be able to recoup certain defense costs

Regulatory exclusion bars coverage for lawsuit brought by the Director of Insurance

Edwards Wildman Palmer LLP
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USA
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April 14 2009

In Wagner v. United National Insurance Co. et al., the Supreme Court of Nebraska affirmed a district ruling that a regulatory exclusion in a D&O policy excluded coverage for the underlying action brought by the Director of Insurance of the State of Nebraska in his capacity as the bankruptcy liquidator of the insured, an insolvent insurance company

National Insurance Actoptional federal charter legislation reintroduced in Senate

Edwards Wildman Palmer LLP
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USA
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June 6 2007

On May 24, 2007, optional federal charter (OFC) legislation was reintroduced into the Senate as the National Insurance Act of 2007 (S. 40) (NIA), co-sponsored by John Sununu (R-NH) and Tim Johnson (D-SD

Second Circuit rules bankruptcy court cannot enjoin all claims against insurer

Edwards Wildman Palmer LLP
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USA
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February 26 2008

In an important recent decision of the United States Court of Appeals for the Second Circuit, testing the outer reaches of a bankruptcy court’s jurisdiction, In re Johns Manville Corp., 06-2099 (2d Cir. Feb. 15, 2008), the court considered whether claims that are not derivative of a debtor’s liability, but rather seek to recover directly from an insurer for its own alleged misconduct, can be enjoined by the “channeling” mechanism developed by the bankruptcy court

Insurance insolvencies in the United States reach a 10-year low

Edwards Wildman Palmer LLP
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USA
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April 8 2008

A recent report by Standard & Poor's ("S&P") noted that the number of U.S. insurers placed under regulatory supervision in 2007 was the lowest in a decade

New Hampshire Supreme Court considers offset issue in the Home Insurance Company liquidation

Edwards Wildman Palmer LLP
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USA
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April 28 2008

The New Hampshire Supreme Court will hear oral argument on April 30, 2008, in In the matter of the Liquidation of The Home Ins. Co., No. 2007-0794, N.H.), to consider whether the Superior Court erred in ruling that the a setoff claimed by Century Indemnity Company (“CIC”) lacked the mutuality necessary to trigger setoff under the New Hampshire Insurers Rehabilitation and Liquidation Act (the “Liquidation Act”

New York state court to determine whether distribution from insolvent union indemnity estate should be permitted

Edwards Wildman Palmer LLP
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USA
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November 12 2007

Recently, a New York state court gave the New York Liquidation Bureau ("NYLB") permission to notify more than 300,000 creditors of Union Indemnity Insurance Company (“Union Indemnity”) that it plans to make the first distribution from the insolvent property casualty insurer's estate

Spitzer, NYLB announce proposed resolution of projected shortfall in Executive Life Insurance Company of New York rehabilitation

Edwards Wildman Palmer LLP
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USA
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December 6 2007

Executive Life Insurance Company of New York (ELNY) was placed into rehabilitation in 1991 after affiliated companies became insolvent and concerns about its future solvency arose