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Matter of Platinum-Beechwood Litigation

N.Y., Indiana Security Laws Apply But Arbitrator Must Decide if Insurers' Motion Barred

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ADDITIONAL CASESMelanie L. Cyganowski et al., Plaintiffs v. Beechwood re Ltd. et al., Defendants; 18-cv-12018Washington National Insurance Company and Bankers Conseco Life Insurance Company, Cross-Claim Plaintiffs v. Beechwood re Ltd. et al., Cross-Claim Defendants

MEMORANDUM ORDER The instant motion arises out of cross-claims filed by defendants Bankers Conseco Life Insurance Company (“BCLIC”) and Washington National Insurance Company (“WNIC”) against defendant Beechwood Re Ltd. (“Beechwood”). BCLIC and WNIC ask this Court to order Beechwood to post $250 million in security under New York and Indiana security statutes, or to strike Beechwood’s pleadings and enter default judgment against it. Because the parties dispute whether BCLIC and WNIC’s motion is precluded by prior orders in a pending arbitration between them, and because the Court concludes that the arbitration panel must resolve this dispute in the first instance, the motion is denied.BackgroundMuch of the background to this case has been set forth in various Opinions and Orders of this Court, familiarity with which is here assumed. As relevant here, BCLIC and WNIC are insurance companies that invested nearly $600 million with Beechwood pursuant to Reinsurance Agreements signed in February 2014. See Answer, Cross-Claims and Third-Party Complaint of Bankers Conseco Life Insurance Company and Washington National Insurance Company

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