Hartford Financial Services Group announced that it had reached an agreement with Equitas, Ltd. to resolve long-pending disputes regarding Hartford's ceded and assumed domestic reinsurance exposures with Equitas. Terms of the agreement were not disclosed.
NAIC proposes scrapping full collateral requirement for reinsurers
The NAIC has begun to consider a proposal to scrap the “full collateral” requirement imposed upon non-US reinsurers. See the article about the recent NAIC meeting
Swiss Re completes acquisition of GE Insurance Solutions
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).