Attention:

When the Second Shoe Drops: COVID-19 Losses and Reinsurance


Level: Advanced
Runtime: 87 minutes
Recorded Date: May 08, 2020
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Agenda

  • Introduction – COVID-19 and Reinsurance
  • Are we seeing and do we expect to see COVID-19 claims and in what lines of business?
  • What are the regulatory and legislative responses to COVID-19 and how do they affect insurance/reinsurance coverage?
  • What do cedents expect from their reinsurers during and after the pandemic?
  • What do reinsurers expect from their cedents during and after the pandemic?
  • What are the likely reinsurance dispute touch-points?
Runtime: 1 hour, 27 minutes
Recorded: May 8, 2020

Description

With the COVID-19 pandemic spreading across the US, insurance claims are rising under multiple lines of insurance business. Ultimately, claims paid by insurance companies will find their way to the reinsurance market. This webinar will present a roundtable discussion about what claims can be expected and how buyers and sellers of reinsurance are addressing and expect to address COVID-19 claims as they arise.

Join this program for:
1. An understanding of the broad scope of potential claims arising from COVID-19. 
2. Information about what reinsurers expect from their reinsured in presenting COVID-19 claims for payment. 
3. The legal issues likely to arise when claims are presented to reinsurers for payment.

This program was recorded on May 8th, 2020.

Provided By

American Bar Association

Panelists

Mary Cannon Veed

Principal
Mary Cannon Veed & Associates

Mary Cannon Veed is the Principal at Mary Cannon Veed & Associates.

Previously, Mary was a Partner at Arnstein & Lehr's Chicago Office. She practices in the area of insurance structuring, finance and regulation, including insurance company insolvency, reinsurance, and alternative risk transfer. She has extensive experience in the U.S. and abroad in representing policyholders as well as receivers, reinsurers, and cedants. She often assists clients in addressing regulatory issues and bottlenecks, dealing with insolvent or troubled insurers, and devising innovative forms and structures of insurance protection for insureds.

Ms. Veed also maintains an active litigation and arbitration practice. She was named a Certified Civil Trial Advocate by the National Board of Trial Advocacy in 1983 as one of the first dozen women to receive this designation. She continues to concentrate on litigation and arbitration of insurance-related issues, including reinsurance, MGA disputes, market conduct, class actions, directors’ and officers’ liability, and accounting and actuarial malpractice, and also serves as an arbitrator and an expert witness.

Ms. Veed holds an advanced degree in the law of the European Union. She has practiced in the Netherlands and Bermuda as well as in courts in numerous states.

Daryn E. Rush

Partner
White and Williams, LLP

Daryn Rush has been counseling the insurance industry for more than twenty years. With an in-depth understanding of the business of insurance, Daryn takes a proactive and integrative approach to addressing client needs and concerns. He helps clients develop and implement strategies to improve relationships with trading partners and to avoid disputes. When disputes arise, Daryn calls upon his extensive arbitration and litigation experience and his sharpened advocacy skills to vigorously represent his clients. A student of the insurance business, he keeps a close watch on industry trends and developments and regularly speaks and writes about topics important to the industry. Above all, Daryn focuses on maintaining a long-term, trusted relationship with his clients.

Daryn has extensive experience representing domestic and foreign insurers and reinsurers in arbitration, mediation and litigation. He has tried dozens of reinsurance arbitrations and lawsuits to final award or verdict. From a dispute involving professional sports disability business to a property claim arising out of the collapse of a Peruvian mine to numerous disputes involving asbestos, pollution and other long-tail claims, Daryn has substantial experience with matters involving all lines of property and casualty and life, health and accident business.

Daryn possesses considerable knowledge and experience with insurance receiverships. He has represented insurers, reinsurers, managing general agents, policyholders and other interested parties in connection with domestic and foreign insolvencies and Schemes of Arrangement, including the Reliance, Legion, Transit, Home, Highlands and First Sealord receiverships. In his representation of clients in negotiations and in formal disputes, he has addressed issues such as setoff and recoupment, cut-throughs, priority of claims, preference, reinsurers’ right to interpose defenses, arbitration rights, commutations and guaranty fund coverage. He has also counseled clients in pursuing recoveries from insolvent estates in the U.S. and abroad.

Daryn has also advised companies in transactional matters, including assumption reinsurance and alternative risk transfer transactions, and advised clients regarding product development and regulatory issues. He has counseled clients in connection with policy and reinsurance contract drafting issues and performed claim audits.

In 1997, Daryn served as in-house counsel in the Reinsurance Legal Unit of the CIGNA Companies while on loan from White and Williams.

He has authored a number of articles and seminar case studies on insurance and reinsurance-related issues and has been a speaker at various conferences and seminars sponsored by ARIAS-U.S., AIRROC, Mealey's, the American Conference Institute, and the Pennsylvania Bar Institute. Daryn has also presented at the firm’s annual Coverage College.

Larry P. Schiffer

Partner
Squire Patton Boggs LLP

Larry Schiffer practices in the areas of commercial, insurance and reinsurance litigation, arbitration, and mediation. He also provides advice on coverage, insurance insolvency, and contract wording issues for a wide variety of insurance and reinsurance relationships.

Larry is active in legal and insurance industry associations where he has held various leadership positions. He has lectured in the US, Bermuda, and the UK, and has been widely published on reinsurance and other insurance, litigation, and technology topics in various national and international journals and publications.

In addition, Larry serves as a mediator for the mandatory commercial mediation program of the United States District Court for the Southern District of New York, and for the New York Supreme Court Commercial Division's Alternative Dispute Resolution Program.

Mr. Schiffer received his Juris Doctorate cum laude from Albany Law School of Union University, where he was a member of the Albany Law Review and the Justinian Society. He received his bachelor of arts magna cum laude from Brooklyn College of the City University of New York.


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