Swiss Reinsurance Co. has completed its acquisition of the property/casualty operations of GE Insurance Solutions in a deal that creates the world's largest reinsurer. The announced purchase price was $7.4 billion. (See the June 12, 2006 news release in the investor relations/news release section of Swiss Re's Internet site for details)
Choice of law for reinsurance of commercial general and professional liability insurance
When a dispute arose over reinsurance for commercial general and professional liability insurance, and the reinsurance agreements were silent as to choice of law, a United States District Court has held that the choice of law provisions of the law of the forum state of the court control choice of law issues. ERC v. Laurier, case no. 03-1650, in the United States District Court for the Middle District of Florida (June 16, 2006).
Article on reinsurance coverage with respect to multi-year policies
Daniel J. Neppl, Reinsurance Coverage for “Annualized” Loss Presentations Under Multi-Year Policies: “follow the fortunes” or Bellafonte?, Coverage, vol. 16, no. 3 at 1 (ABA Litigation Section Committee on Insurance Coverage Litigation May/June 2006).
Whether compliance with statute of limitation is condition precedent to arbitration up to arbitrators
A United States District Court in Texas has held that whether compliance with a statute of limitation is a condition precedent to the commencement of arbitration should be decided by arbitrators, not the court. Vesta Fire Insur. Corp. v. ERC, case no. 05-2404 (N.D. Tex. May 31, 2006).
UK scheme of arrangement binding on non-UK insurers
A UK judge has ruled that he has jurisdiction over non-UK insurance companies to administrer and complete the runoff of a Willis Group-managed insurance/reinsurance pool under the UK's scheme of arrangement process. In re Sovereign Marine, [2006] EWHC 1335 (High Court Chancery Division June 9, 2006).