Retention | Loree Reinsurance and Arbitration Law Forum

Posts Tagged ‘Retention’

Reinsurance Nuts & Bolts: What is an Aggregate Extraction Clause?

August 10th, 2010 Accumulation of Loss, Aggregate Cover, Nuts & Bolts, Nuts & Bolts: Reinsurance, Reinsurance Allocation, Reinsurance Claims No Comments »

A. Introduction

Over a year ago we ran a Reinsurance Nuts & Bolts feature entitled “Aggregate Extension Clauses” (here). To our considerable surprise, that article was, and remains, one of our more popular ones.

At the close of the article we said (tongue in cheek): “If you, the reader, have gotten this far, then perhaps you would like to delve into a discussion of ‘Aggregate Extraction Clauses.’ But these clauses – which conjure up some of the more frightening scenes from Marathon Man (1976) – are better left for another day. . . . ” Brace yourselves, for we fear that day has arrived. . . . Continue Reading »

Reinsurance Nuts & Bolts: A Potpourri of Reinsurance Issues: Gulf Ins. Co. v Transatlantic Reins. Co. (1st Dep’t Oct. 1, 2009) (Part II of a Two-Part Post).

November 20th, 2009 Appellate Practice, Contract Interpretation, New York State Courts, Nuts & Bolts, Nuts & Bolts: Reinsurance No Comments »

Introduction

In Part I of this two-part post (here) we discussed the background and procedural history of Gulf/Transatlantic and how New York’s Appellate Division, First Department resolved the issues of: (a) the amount of reinsurance accepted by Gerling; and (b) whether the trial court should have granted Gerling’s motion for summary judgment on Gulf’s reformation claim. This Part II covers the remaining three issues whether: (a) the 1998 First Union Policy “attached” to the 1999 Treaty; (b) Gerling reinsured the policies Gulf issued to a subsidiary of the General Electric Company; and (c) Gerling established a question of material fact concerning whether it was entitled to rescind the 1999 Treaty. Continue Reading »

Reinsurance Nuts & Bolts: A Potpourri of Reinsurance Issues Courtesy of Gulf Ins. Co. v Transatlantic Reins. Co. (Part I of a Two-Part Post)

November 17th, 2009 Appellate Practice, Contract Interpretation, New York State Courts, Nuts & Bolts, Nuts & Bolts: Reinsurance, Rescission and Reformation 1 Comment »

Introduction

Today we look at a reinsurance case recently decided by the New York Supreme Court, Appellate Division, First Department, New York’s intermediate appellate court for cases originating in New York County (Manhattan) and certain other counties in the New York metropolitan area. We would not characterize Gulf Ins. Co. v Transatlantic Reins. Co., ___ A.D.3d ___, 2009 NY Slip Op. 06788 (1^st Dep’t Oct. 1, 2009) (copy here), as a ground-breaker, but it involves a number of interesting issues, including the interpretation and construction of a quota share treaty, course of performance, reformation and rescission.

Substantive reinsurance cases are a relatively rare breed to begin with (especially in recent years), and cases that discuss a broad range of issues in some depth are rarer still. That makes Gulf/Transatlantic worthy of some attention, especially to those interested in learning a few reinsurance law basics. Hat tip to my friend and former colleague James P. Tenney for bringing the case to our attention.

Posts Tagged ‘Retention’

Reinsurance Nuts & Bolts: What is an Aggregate Extraction Clause?

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