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September 16, 2009

Reinsurance Allocation Alleged in Bad Faith.

   Global International Reinsurance Company agreed to reinsure TIG Insurance Company for certain Losses.  Global and TIG set out their arrangement in a Loss Reserve Reinsurance Agreement.  Global defended in an Arbitration of the parties' disagreement over allocated Losses, on several asserted grounds which included fraud, and Global's contention "that TIG had allocated the disputed claims in bad faith".  Download In re TIG Insurance Co. v. Global International Reinsurance Co., Ltd (S.D. NY Opinion filed 08.11.09, Opinion Signed 08.07.09)(Rakoff, J.), attached Official Slipsheet Opinion at 1-2.

   In the Arbitration Proceeding arising from the Reinsurance Agreement, the Arbitrator granted TIG's Motion for Partial Summary Judgment on Global's fraud and  Bad Faith Claims.  Global then filed a Petition to Vacate the Arbitration Award, and TIG filed a Petition to Confirm it.   Judge Jed Rakoff granted TIG's Petition and denied Global's Petition.  Download In re TIG Insurance Co. v. Global International Reinsurance Co., Ltd (S.D. NY Opinion filed 08.11.09, Opinion Signed 08.07.09), at 5-6.  "Here, the losing party got all that it bargained for when it elected arbitration."  Download In re TIG Insurance Co. v. Global International Reinsurance Co., Ltd (S.D. NY Opinion filed 08.11.09, Opinion Signed 08.07.09), at 1.

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Posted by on September 16, 2009 at 07:23 AM in Bad Faith, Reinsurance |

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