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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 holds coverage for Madoff suits excluded under policy’s insolvency exclusion

Edwards Wildman Palmer LLP
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USA
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June 8 2010

The US District Court for the District of Connecticut recently dismissed a customer suit against an insurer, based upon its determination that all of the underlying claims were excluded by the policy's Insolvency Exclusion

PLUS D&O symposium: afternoon session II

Edwards Wildman Palmer LLP
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USA
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February 4 2010

During the second afternoon session of the first day of the PLUS D&O Symposium, the panelists discussed the complex underwriting issues that arise when the company to be insured is insolvent, in bankruptcy, or close to bankruptcy

During hearing to consider Ambac’s rehabilitation plan, insurance regulator reveals that liquidation of the bond insurer was considered

Edwards Wildman Palmer LLP
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USA
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November 23 2010

As we first covered here, Ambac Financial Group Inc., the parent of the ailing Wisconsin-domiciled bond insurer Ambac Assurance Corp., filed for Chapter 11 bankruptcy relief with United States Bankruptcy Court for the Southern District of New York on November 8, 2010

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

The challenges for secured creditors in insurance insolvency: when having a secured claim may not guarantee payment

Edwards Wildman Palmer LLP
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USA
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December 2 2010

In the case of banking institutions dealing with the unique world of insurance insolvency, the results may not be as dramatic as in other cultural clashes, but they can be equally confused

Asbestos insurance fight won't be reheard by high court

Edwards Wildman Palmer LLP
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USA
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November 29 2010

The United States Supreme Court declined to review a Second Circuit decision wherein a bankruptcy trust fund established to reimburse asbestos victims while barring them from future lawsuits against insurers was held to not apply to Chubb Indemnity Insurance Co

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

Third Circuit upholds liability of PricewaterhouseCoopers in Ambassador insolvency

Edwards Wildman Palmer LLP
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USA
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October 7 2008

The United States Court of Appeals for the Third Circuit recently upheld a $182.9 million judgment against PricewaterhouseCoopers, LLP (“PWC”) for allegedly contributing to the failure of Ambassador Insurance Company (“Ambassador”) through negligent auditing

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