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    Court holds notice of potential claim letter satisfies policy requirements
    2007-08-13

    The United States District Court for the District of Colorado, applying Colorado law, has denied an insurer's motion for summary judgment and granted in part motions for partial summary judgment by the policyholder's former CEO and a bankruptcy trustee as assignee of the policyholder's former directors. Genesis Ins. Co. v. Crowley, 2007 WL 1832039 (D. Colo. June 25, 2007).

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Conflict of interest, Bankruptcy, Condition precedent, Shareholder, Class action, Fiduciary, Interest, Employment contract, Discovery, Securities fraud, Chief executive officer, Trustee, United States bankruptcy court, Colorado Supreme Court
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Excess D&O policy rescinded based on fraudulent representations regarding solvency
    2007-08-13

    The United States District Court for the Southern District of Ohio, applying Ohio law, has held that an insurer could rescind an insurance policy based on an individual's fraudulent statements that the insured company was not facing bankruptcy. Unencumbered Assets Trust v. Great Am. Ins. Co., 2007 WL 2029063 (S.D. Ohio July 10, 2007).

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Fraud, Indictment, Common law, Annual report, US Securities and Exchange Commission, United States bankruptcy court, US District Court for Southern District of Ohio
    Location:
    USA
    Firm:
    Wiley Rein LLP
    New York state court to determine whether distribution from insolvent union indemnity estate should be permitted
    2007-11-12

    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. See In Re Union Indemnity Ins. Co., No. 41292/85 (N.Y. Sup. Ct., Oct. 10, 2007).

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Locke Lord LLP, Liquidation, Casualty insurance
    Location:
    USA
    Firm:
    Locke Lord LLP
    Insolvency of underlying insurer does not affect excess insurer’s obligations
    2007-11-06

    In an adversary proceeding brought by a liquidating company to determine the availability of coverage under the debtor's insurance policies, the United States District Court for the District of Delaware has held that the insolvency of an underlying insurer did not affect an excess carrier's obligation for claims within its own layer of coverage. In re Integrated Health Services, Inc., 2007 WL 2687593 (D. Del. Sept. 12, 2007). Although the adversary proceeding was initially filed in bankruptcy court, it was consensually withdrawn to the district court.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Liquidation, Westlaw, Delaware Supreme Court, United States bankruptcy court, US District Court for District of Delaware
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Bankruptcy court orders advancement of defense costs without adjudicating insurer’s coverage defenses
    2007-10-12

    The United States Bankruptcy Court for the Southern District of New York granted preliminary injunctions ordering a directors and officers liability insurer to advance defense costs, despite the fact that the insurer had denied coverage, and without adjudicating the coverage defense. Axis Reinsurance Co. v. Bennett et al., Adv. No. 07-01712 (S.D.N.Y. Bankr. Aug. 31, 2007); Grant v. Axis Reinsurance Co., Adv. No. 07-2005 (S.D.N.Y. Bankr. Sep. 11, 2007). The bankruptcy court applied New York law and relied heavily on the case In re WorldCom, Inc.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Costs in English law, Injunction, Accounts receivable, Preliminary injunction, Consideration, Reinsurance, Liability insurance, Indictment, Initial public offerings, Warranty, Securities fraud, United States bankruptcy court, US District Court for the Southern District of New York
    Location:
    USA
    Firm:
    Wiley Rein LLP
    District court holds mandatory abstention applies to dispute between professional liability insurers
    2008-01-08

    The United States District Court for the District of New Jersey has abstained from hearing a dispute between a primary and an excess professional liability insurer related to a bankruptcy settlement based on the mandatory abstention doctrine. Royal Indemn. Co. v. Admiral Ins. Co., Inc., 2007 WL 4171649 (D.N.J. Nov. 19, 2007). After the insured corporation declared bankruptcy, the bankruptcy trustee settled claims with the insured's primary professional liability insurer.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Remand (court procedure), Subject-matter jurisdiction, Title 11 of the US Code, United States bankruptcy court, US District Court for District of New Jersey
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Landmark victory for reinsurers of insolvent Integrity Insurance Company
    2007-12-27

    In a matter of first impression under New Jersey law that potentially impacts both the reinsurance and insurance industry and policyholders of insolvent insurance companies, the New Jersey Supreme Court affirmed the appellate division's ruling that the Fourth Amended Final Dividend Plan (the "FDP") proposed by the Liquidator for Integrity Insurance Company ("Integrity") should not be approved because it unlawfully allowed incurred but not reported (“IBNR”) claims to share in the insolvent insurer's estate. See In the Matter of the Liquidation of Integrity Ins.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Locke Lord LLP, Dividends, Reinsurance, Liquidation, Constitution, Supreme Court of the United States, High Court of Justice (England & Wales), New Jersey Supreme Court
    Location:
    USA
    Firm:
    Locke Lord LLP
    Court declines to address whether policy proceeds are part of estate when coverage litigation is pending
    2007-12-12

    The United States District Court for the Southern District of Texas, applying federal law, has reversed a bankruptcy court's ruling that the proceeds of an E&O liability policy were property of a bankruptcy estate. In re Burr Wolff, LP, 2007 WL 2964835 (S.D. Tex. Oct. 10, 2007). The court held instead that the issue was not ripe for adjudication because a declaratory judgment action concerning the insurer's obligations under the policy was pending, and thus "no proceeds" were currently available.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Debtor, Property tax, Federal Reporter, Westlaw, United States bankruptcy court, Fifth Circuit, US District Court for Southern District of Texas
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Spitzer, NYLB announce proposed resolution of projected shortfall in Executive Life Insurance Company of New York rehabilitation
    2007-12-06

    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. The rehabilitation plan adopted in 1992 involved the transfer of much of ELNY's business to another carrier; however, ELNY in rehabilitation retained substantial assets and continued payment on certain annuities, with the bulk of the payout going to structured settlement annuitants that had received long-term and/or lifetime annuities as settlements in personal injury lawsuits.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Locke Lord LLP, Life insurance, Voluntary association, Liquidation, Life annuity
    Location:
    USA
    Firm:
    Locke Lord LLP
    Second Circuit rules bankruptcy court cannot enjoin all claims against insurer
    2008-02-26

    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.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Locke Lord LLP, Bankruptcy, Debtor, Injunction, Liability insurance, Common law, Direct action, Second Circuit, United States bankruptcy court
    Location:
    USA
    Firm:
    Locke Lord LLP

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