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Cigna Worldwide Insurance Company -v- Ace Limited Cause FSD 96 of 2011 per Creswell J (27 January 2012)

January 2012 Procedure

CAYMAN ISLANDS
GRAND COURT
PROCEDURE - SECURITY FOR COSTS FOREIGN RECEIVER - STAY

Cigna Worldwide Insurance Company is a Delaware insurance company with operations in various countries around the world. Ace, a Swiss insurer originally incorporated in Cayman, acquired by agreement certain assets and assumed certain liabilities of Cigna’s property and casualty business, including liabilities pertaining to Cigna’s Liberian business. Competing and conflicting judgments have been issued in the United States and in Liberia with respect to Cigna’s liability for certain policy claims from the time of the Liberian civil wars. Complex issues of sovereign immunity, conflicts of laws, enforcement of foreign judgments, discovery and the legal status of foreign receivers are being considered in various proceedings. Assorted stays and anti-suit orders have been issued. Against this backdrop, the Cayman action was commenced by the Liberian court appointed receiver of what is described as Cigna’s registered branch insurance business in Liberia. In this action, the Plaintiff seeks recognition of his appointment and indemnification for two Judgments rendered by the Liberian Court in favour of the insured. It is alleged in various proceedings that the receivership appointment is invalid and the Plaintiff in fact acts at the behest of private individuals who had purchased the claims. This application is brought by Ace for, inter alia, an order that the Plaintiff provide security for costs and for an order that the Cayman action be stayed pending the final determination of the proceedings, and any appeals therefrom, in the US matters.

 

To continue reading full articles in PDF format:
Cigna Worldwide Insurance Company -v- Ace Limited Cause FSD 96 of 2011 per Creswell J (27 January 2012)

 

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EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel: +1 441 298 7814
Email: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel: +1 284 852 1113
Email: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel: +1 345 814 7777
Email: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, QC
Tel: +852 2842 9553
Email: nigel.meeson@conyersdill.com

Offshore Cases

Cigna Worldwide Insurance Company -v- Ace Limited Cause FSD 96 of 2011 per Creswell J (27 January 2012)

01 January 2012

CAYMAN ISLANDS
GRAND COURT
PROCEDURE - SECURITY FOR COSTS FOREIGN RECEIVER - STAY

Cigna Worldwide Insurance Company is a Delaware insurance company with operations in various countries around the world. Ace, a Swiss insurer originally incorporated in Cayman, acquired by agreement certain assets and assumed certain liabilities of Cigna’s property and casualty business, including liabilities pertaining to Cigna’s Liberian business. Competing and conflicting judgments have been issued in the United States and in Liberia with respect to Cigna’s liability for certain policy claims from the time of the Liberian civil wars. Complex issues of sovereign immunity, conflicts of laws, enforcement of foreign judgments, discovery and the legal status of foreign receivers are being considered in various proceedings. Assorted stays and anti-suit orders have been issued. Against this backdrop, the Cayman action was commenced by the Liberian court appointed receiver of what is described as Cigna’s registered branch insurance business in Liberia. In this action, the Plaintiff seeks recognition of his appointment and indemnification for two Judgments rendered by the Liberian Court in favour of the insured. It is alleged in various proceedings that the receivership appointment is invalid and the Plaintiff in fact acts at the behest of private individuals who had purchased the claims. This application is brought by Ace for, inter alia, an order that the Plaintiff provide security for costs and for an order that the Cayman action be stayed pending the final determination of the proceedings, and any appeals therefrom, in the US matters.

 

To continue reading full articles in PDF format:
Cigna Worldwide Insurance Company -v- Ace Limited Cause FSD 96 of 2011 per Creswell J (27 January 2012)

 

 

EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel.: +1 441 298 7814
Email.: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel.: +1 284 852 1113
Email.: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel.: +1 345 814 7777
Email.: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, Q.C.
Tel.: +852 2842 9553
Email.: nigel.meeson@conyersdill.com