NY Courts Are Both Affirming And Limiting Bellefonte

Law360, New York ( February 24, 2015, 3:08 PM EST) -- In the 1990 case of Bellefonte Reinsurance v. Aetna Casualty & Surety Co. , the Second Circuit issued one of the most important and, at least in some circles, controversial decisions in reinsurance jurisprudence when it held that a reinsurer was not liable for its cedent's defense costs above the liability limit stated in a facultative reinsurance certificate. Despite several challenges over the years, federal and state courts in New York consistently reaffirmed Bellefonte's core holding. Against this backdrop, a handful of recent decisions have both confirmed the continuing vitality of Bellefonte after 25 years and identified potential avenues for expanded reinsurance recoveries in certain circumstances. . . .

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