Creating and protecting insurance for insurers.
Insurance for insurance companies also poses issues for the parties to those contracts.
Firm attorneys represent the interests of domestic and international reinsurance companies on both the reinsurer side and the cedent side. These engagements include coverage analysis, risk analysis, and dispute resolution including arbitration, as well as settlement negotiation. In addition, our lawyers assist in drafting reinsurance agreements and associated documentation. Our experience includes:
- Handling allocation of losses (including aggregation and number of occurrences)
- Handling issues arising out of follow the fortunes/follow the settlements doctrine
- Scope of extra-contractual liability provisions
- Impact of ex gratia payments
- Treatment of declaratory judgment expenses and loss adjustment expenses
- Late notice
- Inspection/audit rights
- Non- disclosure/misrepresentations/rescission
- Set-offs and recovery
- Insurer insolvency
- Subrogation
TEAM
EXPERIENCE
- Drafted, negotiated, and interpreted reinsurance contract language, and assisted on brokered and non-brokered accounts in placing reinsurance programs in U.S., London, and Bermuda.
- Developed step-by-step protocols governing reinsurance contracting process, and prepared reinsurance claims-handling guidelines and procedures to foster consistency across business lines.
- Negotiated settlement of billion-dollar property damage claim by large U.S.-based chemical company on Bermuda form on behalf of three different reinsurers; investigated and used expert analysis to negotiate favorable resolution prior to initiation of arbitration.
- Successfully represented London Market Reinsurer in arbitration seeking $50 million in billings arising out of asbestos and other mass tort losses, and prosecuted claims for subrogation recovery.
- Achieved favorable ruling for London reinsurers in arbitration of reinsurance coverage dispute over asbestos-related claims and allocation issues, including the number of occurrences under reinsurance treaty.
-
Represented cedent against panel of eleven (11) foreign and domestic reinsurers in arbitration of reinsurance dispute involving interpretation and underwriting issues connection with facultative reinsurance contract.