Insurer Drops Action Asking Court to Appoint Umpire to Oversee Reinsurance Dispute

AKRON, Ohio — An insurer has voluntarily dismissed its action asking an Ohio federal court to appoint an umpire to oversee its reinsurance dispute with Hannover Life Reassurance Company of America.

In a Nov. 5 notice filed in the U.S. District Court for the Northern District of Ohio, Envision Insurance Co. explained that Hannover Re has neither answered nor moved for summary judgment.

Envision and Hannover Re are parties to a Medicare Part D Prescription Drug Program Individual Business Reinsurance Agreement. The contract reinsures a share of Envision’s liability under Medicare Part D Prescription Drug insurance policies.

After final adjustments …