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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

New Massachusetts law permits property carriers to exclude terrorism-caused fire loss

Edwards Wildman Palmer LLP
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USA
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January 24 2011

Massachusetts Governor Deval Patrick has signed H.960 into law

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

OFT competition investigation results in formal commitments from motor insurers to limit data exchange

Edwards Wildman Palmer LLP
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United Kingdom
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January 20 2011

The UK Office of Fair Trading (OFT) announced on 13 January 2011 that seven insurance companies (Ageas Insurance Limited (formally Fortis Insurance Limited), Aviva plc, AXA Insurance UK plc, Liverpool Victoria Friendly Society, RBS Insurance Group Limited, Royal Sun Alliance and Zurich Insurance plc), and two IT software and service providers (Experian Limited and SSP Limited) have offered formal commitments to limit the type of information shared through a specialist market analysis tool

European Insurance and Occupational Pensions Authority (EIOPA) launched

Edwards Wildman Palmer LLP
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European Union
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January 20 2011

The European Insurance and Occupational Pensions Authority (EIOPA) held its first meeting on 10 January 2010 and promptly elected its management board and selected Gabriel Bernardino as its first Chairperson

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

High Court considers whether advance payment guarantees issued by insurance company were performance bonds or contracts of suretyship

Edwards Wildman Palmer LLP
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United Kingdom
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January 19 2011

In Meritz Fire & Insurance Co Ltd v (1) Jan De Nul NV (2) Codralux SA 2010 EWHC 3362 (Comm), the High Court ruled that advance payment guarantees (APGs) issued by the claimant insurance company to the defendants, guaranteeing the repayment of payments made by the defendants under three shipbuilding contracts (the Contracts), were performance bonds or demand guarantees on which the claimant was liable without regard to the Contracts

Chinese drywall - manufacturers still refusing to compensate U.S. homeowners

Edwards Wildman Palmer LLP
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USA
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January 12 2011

Inez Tenenbaum, the head of the U.S. Consumer Product Safety Commission, said this week that the U.S. has not been able to persuade Chinese officials to agree to compensate U.S. homeowners for losses associated with Chinese manufactured drywall

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

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Search results

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

New Massachusetts law permits property carriers to exclude terrorism-caused fire loss

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

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

OFT competition investigation results in formal commitments from motor insurers to limit data exchange

European Insurance and Occupational Pensions Authority (EIOPA) launched

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

High Court considers whether advance payment guarantees issued by insurance company were performance bonds or contracts of suretyship

Chinese drywall - manufacturers still refusing to compensate U.S. homeowners

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

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