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    Asbestos bankruptcy channeling injunction cannot reach direct actions based on independent duty of insurer, Second Circuit rules
    2008-02-22

    The United States Court of Appeals for the Second Circuit has ruled that the Johns-Manville bankruptcy court did not have jurisdiction to enjoin direct action claims asserted against Travelers entities that are predicted on an independent duty owed by Travelers, that do not claim against the res of the Manville estate, and that seek damages unrelated to and in excess of Manville's insurance proceeds. Johns-Manville Corp. v. Chubb Indemnity Ins. Co., --- F.3d ---, 2008 WL 399010 (2d Cir. Feb. 15, 2008).

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Injunction, Federal Reporter, Mediation, Bad faith, Common law, Direct action, Westlaw, Second Circuit, United States bankruptcy court
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Bankruptcy Code preempts policies’ anti-assignment clauses such that transfer to Section 524(g) trust is allowed
    2008-03-25

    Bankruptcy Judge Judith Fitzgerald ruled last week that a debtor's insurance policies are assets of the estate and, therefore, can be properly transferred to a § 524(g) trust notwithstanding any applicable anti-assignment clauses. In re Federal-Mogul Global Inc., 01-10578 (Bankr. D. Del. March 19, 2008).

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Federal preemption, Bankruptcy, Conflict of laws, Debtor, Federal Reporter, Third Circuit
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Federal district court reverses bankruptcy court ruling allowing appointment of “special insurance counsel”
    2008-04-28

    The United States District Court for the Central District of California has reversed a bankruptcy court ruling allowing two law firms—Snyder Miller & Orton LLP (SMO) and Morgan Lewis & Bockius LLP (MLB)—to serve as "special insurance counsel" to address insurance and insurance-coverage-litigation-related matters under the narrow special purpose standards of § 327(e). In re Thorpe Insulation Co., No. CV08-00246-DSF (C.D. Cal. Apr. 22, 2008). Citing In re Congoleum Corp., 426 F.3d 675 (3d Cir.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Conflict of interest, Bankruptcy, Debtor, Federal Reporter, Limited liability partnership, Amicus curiae, Standing (law), Remand (court procedure), US District Court for Central District of California, United States bankruptcy court, Third Circuit
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Insurance insolvencies in the United States reach a 10-year low
    2008-04-08

    A recent report by Standard & Poor's ("S&P") noted that the number of U.S. insurers placed under regulatory supervision in 2007 was the lowest in a decade. The report attributes a decrease in insolvencies among property casualty insurers to, among other things, a mild hurricane season combined with better underwriting and an improved premium rate environment. S&P forecasted a stable outlook in the P&C sector for 2008, though noting that it expects net premiums to decline modestly after an extremely profitable 2007.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Locke Lord LLP, Health insurance, Life insurance, Underwriting, Casualty insurance
    Location:
    USA
    Firm:
    Locke Lord LLP
    Refco bankruptcy court orders advancement of defense costs despite guilty pleas in criminal proceedings
    2008-05-06

    The United States Bankruptcy Court for the Southern District of New York has granted another preliminary injunction ordering an excess directors and officers liability insurer to advance defense costs, despite the fact that the insurer had denied coverage on the basis of a prior knowledge exclusion and three of the insured entity's principals have pled guilty to various offenses, including violations of the securities laws. Murphy v. Allied World Assurance Co. (U.S.), Inc. (In re Refco, Inc.), No. 08-01133 (Bankr. S.D.N.Y. Apr. 21, 2008).

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Costs in English law, Security (finance), Preliminary injunction, Summary offence, Admissible evidence, Liability insurance, Indictment, Initial public offerings, Unjust enrichment, Securities fraud, United States bankruptcy court, US District Court for the Southern District of New York
    Location:
    USA
    Firm:
    Wiley Rein LLP
    New Hampshire Supreme Court considers offset issue in the Home Insurance Company liquidation
    2008-04-28

    The New Hampshire Supreme Court will hear oral argument on April 30, 2008, in In the matter of the Liquidation of The Home Ins. Co., No. 2007-0794, N.H.), to consider whether the Superior Court erred in ruling that the a setoff claimed by Century Indemnity Company (“CIC”) lacked the mutuality necessary to trigger setoff under the New Hampshire Insurers Rehabilitation and Liquidation Act (the “Liquidation Act”).

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Locke Lord LLP, Interest, Liability (financial accounting), Reinsurance, Liquidation, Parent company, Cigna
    Location:
    USA
    Firm:
    Locke Lord LLP
    Insured’s direct access to reinsurance proceeds permitted in liquidation
    2008-06-02

    When an insurer becomes insolvent and is placed in rehabilitation or liquidation, state insurance laws are very clear that reinsurance proceeds owed by the insolvent insurer’s various reinsurers may not be denied or reduced as a result of the insolvency. The insurer’s policyholders, however, may only look to the estate of the insurer for payment of claims. But, what happens in a situation where the insolvent insurer never took on any risk but merely acted as a fronting carrier for the reinsurer?

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Jorden Burt LLP, Reinsurance, Liquidation, Insurance commissioner, Commonwealth Court of Pennsylvania
    Location:
    USA
    Firm:
    Jorden Burt LLP
    Bankruptcy court dismisses fraud claims against Alphastar’s former shareholders, directors and officers
    2008-06-18

    AlphaStar Insurance Group Ltd. ("AlphaStar") (f/k/a Stirling Cooke Brown Holdings Ltd) was a group of companies which provided, among other services, reinsurance brokerage and intermediary services through companies in London, Bermuda and the United States. The companies collapsed and eventually declared bankruptcy, largely as a result of their involvement in the personal accident reinsurance market. Richard E.

    Filed under:
    USA, New York, Insolvency & Restructuring, Insurance, Litigation, White Collar Crime, Jorden Burt LLP, Bankruptcy, Shareholder, Fraud, Fiduciary, Reinsurance, Initial public offerings, Prejudice, Brokerage firm, Goldman Sachs, Trustee, US District Court for the Southern District of New York
    Location:
    USA
    Firm:
    Jorden Burt LLP
    Court applies exclusion for claims involving receivership of a healthcare benefit plan
    2008-06-16

    The United States District Court for the Middle District of Florida, applying Florida law, has held that exclusions for claims involving the receivership of a healthcare benefit plan and claims involving Multiple Employer Welfare Arrangements (MEWA) barred coverage for claims brought by a receiver of a healthcare benefit plan alleging that brokers sold coverage under a benefit plan that was a MEWA. White v. Cont'l Cas. Co., 2008 WL 2073905 (M.D. Fla. May 14, 2008).

    Filed under:
    USA, Employee Benefits & Pensions, Healthcare & Life Sciences, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Employee Retirement Income Security Act 1974 (USA), Breach of contract, Health insurance, Marketing, Welfare, US District Court for Middle District of Florida
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Attorneys' fees and costs awarded against New York Superintendent for improper bankruptcy filing
    2008-07-03

    The New York Insurance Department, as Liquidator of Nassau Insurance Company, pursued Jeanne Diloreto for 20 years to recover what it contended were assets diverted from Nassau, recovering a judgment in state court that it attempt to execute upon. Superintendent DiNallo ended up filing an involuntary bankruptcy petition against Ms. Diloreto, which was dismissed, in part based upon procedural infirmities.

    Filed under:
    USA, Florida, New York, Insolvency & Restructuring, Insurance, Litigation, Jorden Burt LLP, Bankruptcy, Costs in English law, Bad faith, Malpractice, New York State Insurance Department, United States bankruptcy court
    Location:
    USA
    Firm:
    Jorden Burt LLP

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