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Insurance Company Insolvencies: A Primer for Corporate Policy Holders
The past several years have seen some major property-casualty insurance companies on the ropes and worse, far worse. Home Indemnity Company and Legion Insurance Company, two notable insolvency casualties, have left their policyholders without the full protection paid for and required. Sadly, they pale in comparison to the train wreck that is Reliance Insurance Company. The demise of Reliance has had repercussions for insurance buyers and others all over. Once a fixture in the directors' and officers' ('D&O') liability insurance marketplace, among other insurance markets, Reliance is now well underway in the liquidation process, after a brief and unsuccessful attempt at 'rehabilitation.' The Reliance debacle has left policyholders scrambling to protect themselves while state insurance departments wrangle with one another in an attempt to snap up a share of the inadequate pool of assets left behind in the collapse of Reliance.
The situation created by insolvencies may yet get worse for policyholders. There is already grave concern over the prospects for at least one very large U.S.-based insurance group, coupled with the specter of additional insolvencies affecting European property-casualty insurance companies. Presently, extreme concern exists over the viability of many of Europe's largest insurance companies. A recent article in the insurance trade press quoted an analyst suggesting that many European insurance companies were already 'technically insolvent,' with the specter of asbestos liabilities looming ever more onerous.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.
Disconnect Between In-House and Outside Counsel
'Disconnect Between In-House and Outside Counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked.