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1 Simpson Thacher & Bartlett LLP 425 LEXINGTON AVENUE NEW YORK, NY TELEPHONE: FACSIMILE: DIRECT DIAL NUMBER ADDRESS BY E-FILING AND BY HAND March 31, 2017 Re: United States Fidelity & Guaranty Co., et al. v. American Re-Insurance Co., et al., Index No /02 The Honorable Eileen Bransten Supreme Court, New York County 60 Centre Street, Room 442 New York, New York Dear Justice Bransten: We write to submit Plaintiffs revised list of the witnesses we expect to call at trial with a description of each witness testimony and the expected time of their examinations. The chart below identifies these witnesses and the estimated length of direct examination. Appendix A describes the subject matter of each witness testimony. Plaintiffs Fact es (Live) 1 Letitia Chambers 1 hour 2 John Faricy 1.5 hours 3 James Kleinberg 1.3 hours 4 David McClain 1.5 hours 5 Barry Ostrager 1 hour 6 Alan Pedlar 1.5 hours 7 Mark Peterson 1 hour 8 Timothy Yessman 1.5 hours Expert es 9 John Cole 1 hour 10 Andrew Maneval 1 hour 11 Jerold Oshinsky 1 hour 12 Jonathan Rosen 1 hour Estimated Length of Direct Examination Estimated Length of Direct Examination BEIJING HONG KONG HOUSTON LONDON LOS ANGELES PALO ALTO SÃO PAULO SEOUL TOKYO WASHINGTON, D.C. 1 of 5
2 The Honorable Eileen Bransten Page 2 of 2 March 31, 2017 By Deposition 13 Stephen Snyder 20 minutes Total for Plaintiffs es: ~14.6 hours Estimated Runtime of Designations Based on Reinsurers prior statements regarding their case-in-chief, Plaintiffs may call rebuttal experts Steven Plitt and Stephen Sellick to respond to Reinsurers bad faith and valuation experts or any fact witnesses who Reinsurers call on these topics. USF&G remains troubled that Reinsurers revised descriptions of witness testimony and revised deposition designations demonstrate that they still intend to spend the forthcoming trial re-litigating the California coverage action. Reinsurers plan to elicit testimony about events from the early 1990s, including whether there was an insuring relationship between USF&G and Western Asbestos, whether USF&G should have provided a defense to Western MacArthur, how USF&G conducted its search for documents, discovery motions and sanctions in the California court, mediations in the California case, depositions from the California case, trial testimony from the California case, and more. Reinsurers game plan is apparently to focus on USF&G s potential exposure to a bad faith verdict, not what USF&G actually paid in settlement and reasonably allocated to prepare the reinsurance bill. This is based on an erroneous view of the reinsurance contract; an error ACE has made before. N. River Ins. Co. v. Ace Am. Reins. Co., 361 F.3d 134, 142 (2d Cir. 2004) ( ACE s argument confuses risk of loss, and loss. ) As the Second Circuit explained, risk of loss is not loss under either the initial policy of insurance or the reinsurance contract. Id. Thus, the Second Circuit concluded, [a]n insurer may engage in all manner of analyses to inform its decision as to whether, and at what amount, to settle, but those analyses are irrelevant to the contractual obligation of the reinsurer to indemnify the reinsured for loss under the reinsurance policy. Id. Consistent with this authority, Your Honor has consistently ruled that the trial in this case is not going to be a re-staging of the underlying coverage action with Reinsurers standing in the shoes of Western MacArthur to re-litigate the bad faith claim against USF&G. Yet that is what Reinsurers pre-trial filings reflect they intend to do. We thank the Court for its time and attention to this matter. Respectfully submitted, Mary Beth Forshaw Lynn K. Neuner 2 of 5
3 The Honorable Eileen Bransten Page i of iii APPENDIX A Descriptions Live Fact es Letitia Chambers: Letitia Chambers was an outside consultant retained by USF&G to assist in evaluating Western MacArthur s asbestos liabilities during settlement negotiations with Western MacArthur and the asbestos plaintiffs. She will describe her role during settlement negotiations, including the valuation of pending and future lung cancer, other cancer, asbestosis and pleural claims at $200,000, $20,000, $50,000 and $20,000, respectively. John Faricy: John Faricy was Western MacArthur s outside counsel during the underlying coverage action and the tripartite settlement negotiations among the asbestos plaintiffs, Western MacArthur, and USF&G. He will testify about the underlying settlement negotiations and Western MacArthur s decision to stand down on its bad faith claims. He will also testify about the valuation of pending and future lung cancer, other cancer, asbestosis and pleural claims at $200,000, $20,000, $50,000 and $20,000, respectively, for settlement purposes. James Kleinberg: James Kleinberg is the former Director of St. Paul s Reinsurance Department. He will testify about the preparation and presentation of the reinsurance bills to Reinsurers, including why he did not allocate any portion of the settlement to bad faith, why he allocated $200,000 to pending and future lung cancer claims, and why he did not bill the Reinsurers for pending and future other cancer, asbestosis and pleural claims. David McClain: David McClain was outside counsel for the asbestos claimants during the underlying tripartite settlement negotiations among the asbestos plaintiffs, Western MacArthur, and USF&G. He will testify about the settlement negotiations and how the parties decided to negotiate solely on the basis of compensatory damages. He will also testify about the valuation of pending and future lung cancer, other cancer, asbestosis and pleural claims at $200,000, $20,000, $50,000 and $20,000, respectively. Barry Ostrager: Barry Ostrager was outside counsel to USF&G in the tripartite settlement discussions with Western MacArthur and the asbestos plaintiffs. He will testify about his negotiation of the settlement and USF&G s refusal to pay any monies in settlement on account of Western MacArthur s bad faith claims. Alan Pedlar: Alan Pedlar was outside bankruptcy counsel to the MacArthur companies. He will testify about the bankruptcy court confirmation process, which confirmation was a condition to consummation of the underlying settlement among USF&G, the asbestos plaintiffs, and Western MacArthur, including the impact on the confirmation process of USF&G s refusal to make any payment on account of bad faith. 3 of 5
4 The Honorable Eileen Bransten Page ii of iii Mark Peterson: Mark Peterson was an outside consultant retained by the asbestos plaintiffs during settlement negotiations. He will testify about his role valuing pending and future lung cancer, other cancer, asbestosis and pleural claims at $200,000, $20,000, $50,000 and $20,000, respectively, and explain the analysis he performed in connection with the settlement discussions. Timothy Yessman: Timothy Yessman was St. Paul s Executive Vice President of Claims and signed the settlement agreement on behalf of USF&G. He will testify about USF&G s decision to settle with Western MacArthur and the asbestos plaintiffs, settlement negotiations, and the resulting settlement. Mr. Yessman will also testify about USF&G s refusal to pay any monies on account of Western MacArthur s bad faith claims, the reasons for that refusal, and the valuation of pending and future lung cancer, other cancer, asbestosis and pleural claims. Fact by Designation Stephen Snyder: Stephen Snyder was outside counsel to Western MacArthur during the tripartite settlement discussions among the asbestos plaintiffs, Western MacArthur, and USF&G. In the designated portion of his deposition, he testified about his role in negotiating the settlement, including the fact that USF&G refused to pay Western MacArthur any monies in settlement on account of its bad faith claims. He also testified that $200,000 was a reasonable value for lung cancer claimants. Expert es John Cole: John Cole is a former insurance company executive with 20 years of experience overseeing complex coverage litigation. He will testify, from an insurance company perspective, about industry custom and practice concerning: (i) the valuation of bad faith claims for settlement purposes; and (ii) the valuation of pending and future asbestos-related claims. Mr. Cole also is expected to offer his opinion that it was reasonable to give no value to Western MacArthur s bad faith claims and to value pending and future lung cancer claims at $200,000. Andrew Maneval: Andrew Maneval previously worked as an insurance company executive for 16 years and was responsible for tendering and responding to claims for reinsurance. He currently serves as an arbitrator in reinsurance disputes. He will testify about basic concepts of reinsurance, including the follow the settlements doctrine, and is expected to opine regarding the application of these concepts to the settlement at issue, including that USF&G s cession under the reinsurance treaty was reasonable. Jerold Oshinsky: Jerold Oshinsky is a prominent insurance coverage litigator whose practice has focused on the representation of policyholders for more than 30 years. He will testify, from a policyholder perspective, about industry custom and practice in negotiating settlements of asbestos-related insurance coverage actions, and is 4 of 5
5 The Honorable Eileen Bransten Page iii of iii expected to offer the opinion that the allocation of no portion of the underlying settlement to bad faith claims was in accord with industry custom and practice. Jonathan Rosen: Jonathan Rosen was an insurance company executive for more than 15 years with responsibility for reinsurance and currently serves as an arbitrator of reinsurance disputes. He will testify, from a cedent s perspective, about reinsurance custom and practice, including the follow the settlements doctrine. He also is expected to opine that the allocation and cession of USF&G was reasonable insofar as: (i) all of the settlement amount was attributable to bodily injury claims under USF&G s policies, and none of it to claims that USF&G allegedly acted in bad faith vis-à-vis Western MacArthur; and (ii) pending and future lung cancer claims were valued at $200,000. Rebuttal Expert es 1 Steven Plitt: Steven Plitt is an adjunct professor of law at University of Arizona College of Law and the current senior author of COUCH ON INSURANCE 3D who has represented policyholders and insureds in insurance coverage cases. He will rebut the opinions of Reinsurers experts Philip Pillsbury and Edward McKinnon regarding USF&G s alleged conduct of bad faith and fact witnesses who testify on these topics in Reinsurers case. Stephen Sellick: Stephen Sellick is the founder of Gnarus Advisors and specializes in complex quantitative analysis in litigation matters. He will rebut the opinions of Reinsurers expert Charles Bates regarding the valuation of pending and future lung cancer claims and fact witnesses who testify on this topic in Reinsurers case. 1 USF&G reserves the right to call other rebuttal witnesses based on the testimony of Reinsurers fact and expert witnesses. 5 of 5
Stephen E. Sellick MANAGING DIRECTOR
4350 N. Fairfax Dr. Suite 830 Arlington, VA 22203 1673 T 202.595.3566 F 866.485.9227 ssellick@gnarusllc.com www.gnarusllc.com OVERVIEW EXPERIENCE Mr. Sellick is the Managing Director and founder of Gnarus
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