Wed, 20 Jul 2011 15:33:55 GMT http://www.crowell.com/NewsEvents/AlertsNewsletters/Reinsurance-Alert 6a198617-06ba-4e65-8379-676b96856b8a Wed, 20 Jul 2011 15:33:55 GMT http://www.crowell.com/NewsEvents/AlertsNewsletters/Reinsurance-Alert/Is-The-US-Looking-Across-The-Pond-Texas-Enacts-Tort-Reform-Law-With-Loser-Pays-Provision 18249f40-7194-49b5-8074-1f77d9c3af17 Thu, 30 Jun 2011 14:35:03 GMT http://www.crowell.com/NewsEvents/AlertsNewsletters/Reinsurance-Alert/OFAC-Continues-Focus-on-the-Reinsurance-Industry-General-Re-and-Iran 3047b414-a932-43be-89c0-05e008784af4 Fri, 29 Apr 2011 16:38:29 GMT http://www.crowell.com/NewsEvents/AlertsNewsletters/Reinsurance-Alert/OFAC-Continues-Iran-Insurance-Penalty-Focus 232866cf-af60-4c2d-a268-2ac0f528f65e Fri, 08 Apr 2011 17:38:10 GMT http://www.crowell.com/NewsEvents/AlertsNewsletters/Reinsurance-Alert/Proposed-Amendments-to-Brussels-Regulation-on-European-Union-Jurisdiction-and-Enforcement-of-Judgments On 11 February 2011 the UK Ministry of Justice closed its consultation on the European Commission's proposed amendments to the Brussels Regulation (Council Regulation (EC) 44/2001) which governs jurisdiction and the recognition and enforcement of judgments within the European Union ("EU"). The Commission's proposals include major changes which are likely to impact both policy wordings where there is no clear choice of law or jurisdiction clause, and those insurers/reinsurers involved in disputes with a European angle. The following key areas are pertinent: ab75db6e-a8d8-474c-a6d0-4e0f9dccb67e Fri, 08 Apr 2011 17:38:10 GMT http://www.crowell.com/NewsEvents/AlertsNewsletters/Reinsurance-Alert/Iran-Sanctions-Enforcement-and-Reinsurance In the first publicly-announced resolution of an enforcement action involving the reinsurance industry, the Office of Foreign Assets Control ("OFAC") yesterday announced a $36,000 settlement with Aon International Energy, Inc. According to OFAC, Aon Energy "facilitated the placement of coverage and the payment of premiums for facultative retrocession reinsurance" related to petrochemical projects in Iran on Kharg Island. Aon Energy acted as a broker on behalf of a European reinsurance company in placing facultative retrocession reinsurance with two European retrocessionaires. 9a6e8630-b5d3-4553-b114-c61a36286d43 Fri, 08 Apr 2011 17:38:10 GMT http://www.crowell.com/NewsEvents/AlertsNewsletters/Reinsurance-Alert/Seventh-Circuit-Permits-Reinsurance-Arbitration-To-Proceed-Rules-Arbitrator-Is-Disinterested-As-Required-By-Contracts On Monday, the U.S. Court of Appeals for the Seventh Circuit reversed a lower court ruling that enjoined an arbitration from proceeding on the theory that one of the arbitrators was not "disinterested" because of knowledge gained from a prior confidential arbitration between the parties. See Trustmark Ins. Co. v. John Hancock Life Ins. Co., No. 09-3682 (January 31, 2011). In holding that the arbitration should proceed, the Court of Appeals issued an opinion that is likely to have significant implications for companies faced with consecutive arbitrations involving the same issues and parties. b521ad9c-f562-4279-b048-b0083924e693 Fri, 08 Apr 2011 17:38:10 GMT http://www.crowell.com/NewsEvents/AlertsNewsletters/Reinsurance-Alert/Third-Circuit-Court-of-Appeals-Holds-that-Honorable-Engagement-Clause-Does-Not-Permit-Arbitrators-to-Fashion-Relief-Not-Requested-by-the-Parties-or-Rationally-Derived-from-the-Contract On November 8, 2010, the Third Circuit affirmed a district court's vacatur of a reinsurance arbitration award that was silent as to the arbitrators' rationale, highlighting the limitations on an arbitration panel's otherwise broad authority. PMA Capital Ins. Co. v. Platinum Underwriters Bermuda, Ltd., No. 09-3963 (3d Cir. Nov. 8, 2010). 7c88c8f8-35c3-4fb5-911d-1f2ac1300d98 Fri, 08 Apr 2011 17:38:10 GMT http://www.crowell.com/NewsEvents/AlertsNewsletters/Reinsurance-Alert/US-Supreme-Court-Refuses-to-Overturn-Decision-Permitting-International-Arbitration-Where-State-Law-Prohibited-Arbitration-Provisions-in-Insurance-Contracts On October 4, 2010, the United States Supreme Court denied a petition for writ of certiorari in the case of Louisiana Safety Ass'n of Timbermen – Self Insurers Fund v. Certain Underwriters at Lloyd's, London, No. 09-945 (S.Ct.), and therefore left standing a federal decision holding that the New York Convention regarding the enforceability of international arbitration agreements is not reverse preempted by the McCarran-Ferguson Act. c757bf83-d617-4edc-bcd1-a45994d3321f Fri, 08 Apr 2011 17:38:10 GMT http://www.crowell.com/NewsEvents/AlertsNewsletters/Reinsurance-Alert/US-Supreme-Court-Issues-Stolt-Nielsen-Decision-on-Class-Arbitration In an April 27, 2010 decision with important implications for reinsurance arbitrations, Stolt-Nielsen S.A., et al. v. AnimalFeeds Int'l Corp., the United States Supreme Court held that it is inconsistent with the Federal Arbitration Act ("FAA") to impose class arbitration on parties where the applicable arbitration clause is silent on the issue. 2e41de11-85c9-4344-bce6-9c978f8368e8 Fri, 08 Apr 2011 17:38:10 GMT http://www.crowell.com/NewsEvents/AlertsNewsletters/Reinsurance-Alert/Oregon-District-Court-Rules-that-Sharing-of-Privileged-Documents-with-Reinsurers-waives-Protections-Afforded-by-Attorney-Client-Privilege-and-Work-Product-Doctrine The United States District Court in Oregon has issued two related orders that could have significant implications with respect to the sharing of information between ceding companies and their reinsurers. e1407c21-a177-43bd-bb6f-a71eb2997062 Fri, 08 Apr 2011 17:38:10 GMT http://www.crowell.com/NewsEvents/AlertsNewsletters/Reinsurance-Alert/Gard-Marine-Another-UK-Decision-Reiterates-the-Importance-of-Choice-of-Law Closely following on the heels of the House of Lords' Lexington opinion, another UK court has decided a reinsurance case on choice of law issues. On October 9th, the Commercial Court issued a decision in Gard Marine & Energy Ltd. v. Lloyd Tunnicliffe, Glacier Reinsurance AG, and Agnew Higgins Pickering & Co. Ltd., [2009] EWHC 2388 (Comm). The outcomes of both of these cases highlight the need for parties to focus their attention on choice of law issues impacting international reinsurance agreements. 21056c0c-a827-424e-909c-9d39a247e465 Fri, 08 Apr 2011 17:38:10 GMT http://www.crowell.com/NewsEvents/AlertsNewsletters/Reinsurance-Alert/US-House-of-Representatives-Passes-Nonadmitted-and-Reinsurance-Reform-Act-Encouraging-Consistency-in-the-Regulation-of-Surplus-Lines-Insurance-and-Reinsurance On September 9, 2009, the U.S. House of Representatives once again passed the Nonadmitted and Reinsurance Reform Act ("NRRA"). This legislation, if also passed by the Senate and adopted into law, would streamline and simplify certain aspects of the current state-by-state regulatory regime applicable to nonadmitted commercial surplus lines insurers and reinsurers. 92aa51f5-212f-4cce-bd14-f933aa5395d5 Fri, 08 Apr 2011 17:38:10 GMT http://www.crowell.com/NewsEvents/AlertsNewsletters/Reinsurance-Alert/Lexington-v-Wasa-The-House-of-Lords-Redefines-Concurrent-Reinsurance-Coverage On July 30, 2009, the House of Lords issued the much anticipated judgment in Lexington Insurance Company v. Wasa International Insurance Company Limited. This judgment is certain to have an immediate and significant impact on the world-wide reinsurance community given the ultimate holding that two London reinsurers, Wasa International Insurance Company and AGF Insurance Company, are not bound by a US court's interpretation of the ceded policy even though they had issued follow form facultative reinsurance that included an express follow the settlements clause.