In an important ruling for insurers, U.S. District Court Judge Patti Saris found that Massachusetts does not follow the position taken in Cypress Point Condo Association v. Adria Towers, LLC, 226 N.J. 403, 418 (2016), i.e., it does not hold that "faulty workmanship claims [should be recognized] as ... an 'occurrence,' thus triggering coverage, 'so long as the allegedly … [Read more...] about Massachusetts Federal Court Rejects Adria Towers, Finds Construction Defects Not an “Occurrence”
Regulatory
Another Sunshine State Insurer Falls: Southern Fidelity Enters Receivership
Southern Fidelity Insurance Company has entered into receivership and is being liquidated, according to the Florida Office of Insurance Regulations (FLOIR). The state’s insurance office made the move on the basis that the insurer was impaired, insolvent or likely to become insolvent and that further transactions would be potentially hazardous to policyholders, creditors, … [Read more...] about Another Sunshine State Insurer Falls: Southern Fidelity Enters Receivership
Climate Change and Reinsurance
Climate change is an existential risk to human life. But, before we get to life as we know it potentially disappearing, this commentary will discuss climate change as a significant risk to insurers and reinsurers. Swiss Re first identified the risk in 1979, and today it is one of the most significant concerns for businesses. Here are some statistics. In a 2014 study by Munich … [Read more...] about Climate Change and Reinsurance
NextGen Task Force Corner
On May 11, NextGen Task Force member Matt DiSanto of AON participated as a panelist in the Basics of Legacy Transactions educational forum, along with co-panelists Robert Redpath from Enstar, and John Sparks from Odom & Sparks. The session focused on Insurance Business Transfers (“IBTs”), providing an overview of the regulatory landscape, explaining how IBTs work, and … [Read more...] about NextGen Task Force Corner
Zurich sells Russian business
Global insurer Zurich has agreed to sell its business in Russia to eleven of the unit’s team. The firm said that under its new owners, the business will operate independently under a different brand, while Zurich will no longer conduct business operations in Russia. The transaction will allow the new company to retain a professional team with accumulated insurance … [Read more...] about Zurich sells Russian business
