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New York appeals court dismisses suit against MBIA Inc. over bond insurer’s financial restructuring

Edwards Wildman Palmer LLP
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USA
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January 25 2011

A New York appeals court recently dismissed one of two lawsuits filed against MBIA Inc. (“MBIA”) by more than a dozen major financial institutions concerning the bond insurer’s financial restructuring

SEC and US Attorney accuse Costa Rican life insurance bond company of $670 million fraud

Edwards Wildman Palmer LLP
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USA
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January 21 2011

Both the Securities and Exchange Commission and the U.S. Attorney's Office have brought actions against Costa Rica-based Provident Capital Indemnity, LTD, an insurance and reinsurance company that purported to provide bonds guaranteeing life insurance settlements, but was instead allegedly perpetrating a $670 million fraudulent scheme

Second Circuit denies cedent's motion for a rehearing in follow the fortunes case

Edwards Wildman Palmer LLP
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USA
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January 21 2011

We recently blogged about the Second Circuit's decision in Arrowood Surplus Lines Ins. Co. v. Westport Ins. Corp., No. 10-cv-0397 (2d Cir. 2010), in which an appellate panel held that a reinsurer had no obligation to indemnify its cedent for losses outside the scope of the treaty at issue

Eighth Circuit holds that the collapse of seven stories of decorative brick veneer is not a “collapse of a part of a building”

Edwards Wildman Palmer LLP
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USA
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January 19 2011

In Council Tower Ass’n v. Axis Specialty Ins. Co., No. 09-3900, 2011 WL 31519 (8th Cir. 2011), the Eight Circuit considered whether, under Missouri law, the falling of seven stories of a twenty-six-story exterior brick veneer was a covered “collapse” of a building

Chinese drywall - Florida federal district court finds no coverage under CGL policy

Edwards Wildman Palmer LLP
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USA
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January 12 2011

In Amerisure Mutual Insurance Co. v. Albanese Popkin the Oaks Development Group L.P., 2010 U.S. Dist. LEXIS 125918 (Nov. 30, 2010), Judge Kenneth A. Marra of the U.S. District Court for the Southern District of Florida ordered that the developer’s insurer has no duty to provide coverage or a defense for claims related to Chinese drywall, which were made against the developer

Federal court orders insurer to produce reinsurance information, despite acknowledging split among courts on the issue

Edwards Wildman Palmer LLP
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USA
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January 11 2011

Suffolk Federal Credit Union ("SFCU") brought an action against Cumis Insurance Society to recover certain losses arising under a fidelity bond

Second Circuit finds that service of suit provision in treaties unambiguously waived reinsurer's right of removal

Edwards Wildman Palmer LLP
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USA
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January 3 2011

The U.S. Court of Appeals for the Second Circuit recently affirmed a district court decision that remanded to state court a lawsuit asserted by the Liquidator of Midland Insurance Company against its reinsurer, Dunav Re, finding that the Service of Suit clause in the reinsurance treaties at issue unambiguously waived Dunav Re's right to remove the dispute to federal court

U.S. Supreme Court refuses to hear dispute concerning preemptive effect of New York Convention on state law barring arbitration

Edwards Wildman Palmer LLP
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USA
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December 29 2010

In a case we have been following on www.insurereinsure.com, Louisiana Safety Association of Timbermen Self Insured Fund v. Certain Underwriters at Lloyd’s, London, the U.S. Supreme Court declined to grant certiorari to hear a dispute between an insurance pool and its reinsurer concerning whether the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the "New York Convention") preempts a Louisiana statute that bars enforcement of arbitration agreements in insurance or reinsurance contracts

Wisconsin court: “negligent misrepresentation” claims by molestation victims against archdiocese are not covered under CGL policy

Edwards Wildman Palmer LLP
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USA
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December 28 2010

The Wisconsin Court of Appeals recently ruled that "negligent misrepresentation" claims against the Archdiocese of Milwaukee arising from alleged molestation by priests are not covered under the Archdiocese's CGL policy

New Jersey appellate court affirms denial of coverage for attorneys' failure to disclose potential malpractice claim

Edwards Wildman Palmer LLP
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USA
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December 28 2010

The Superior Court of New Jersey, Appellate Division, recently affirmed a trial court's decision to deny coverage to an attorney and his law firm who had been sued in an underlying malpractice action

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