Steven P. Nassi

Steven Nassi counsels insurance industry clients on coverage issues, claims handling procedures, policy wording and risk management issues. His negotiation skills often result in favorable, and early, resolutions. However, when litigation is necessary, Mr. Nassi represents insurers and reinsurers in state and federal courts throughout the United States, as well as in domestic and international arbitration and mediation proceedings. In addition, he represents reinsurers and cedents in contract negotiations and disputes arising out of the reinsurance arrangement. Clients also look to Mr. Nassi for his understanding of the insurance industry and business when representing them in contentious matters involving managing general agents (MGAs), third-party administrators (TPAs), producers and books of business.

Mr. Nassi serves as coverage and litigation counsel in matters relating to environmental liability, technology and media claims, including those arising from privacy and data breaches, oil and energy risks, financial institutions, toxic torts, and professional services.

His reinsurance work includes disputes involving MGAs, producers, brokers and TPAs in issues under facultative certificates and treaties implicating various issues.

Mr. Nassi serves as pro bono counsel and secretary of the Re/Insurance Mediation Institute (ReMedi), a nonprofit fostering mediation for insurance and reinsurance disputes. In addition, he also assists victims of domestic violence.

Mr. Nassi is fluent in English and Farsi, proficient in Spanish and conversational in Hebrew.

Representative Experience

• Represented a primary insurer in coverage litigation concerning a lawyer’s professional liability policy, successfully moving for summary judgment in a case of first impression. Westport Ins. Corp. v. Goldberger & Dubin, P.C., 2006 U.S. Dist. LEXIS 31329 (S.D.N.Y. 2006).
• Successfully represented a reinsurer in arbitration with a ceding company concerning MGA compliance, claims handling, audit responsibilities and other issues.
• Represented the sponsoring company of the first-ever securitization of excess liability exposure through a catastrophe bond, in commuting liability-impairing notes issued by the special purpose vehicle (SPV) reinsurer, which were held principally by private equity investors. This matter raised novel issues concerning the structure of the transaction as well as reinsurance and insurance coverage issues.
• Coverage counsel to a major insurer for first- and third-party claims arising from some of the most costly data breaches in history.
• Regularly represents insurers in Bermuda Form arbitrations involving property and liability claims associated with the energy industry, as well as various excess liability exposures.
• Represented domestic and international insurers as national coordinating and monitoring counsel in hundreds of coverage actions involving various underlying liabilities.
• Obtained a favorable settlement on behalf of a primary carrier in litigation arising from environmental pollution and involving numerous claimants and other insurers.

Professional Associations and Memberships:

• American Bar Association, Member, Advisory Panel
• Asian American Bar Association of New York
• Defense Research Institute
• New York City Bar Association
• New York State Bar Association

Speaking Engagements:

• "Emerging Environmental Risks Under Traditional and Specialty Lines Insurance", ABA Section of Litigation Insurance Coverage Litigation Committee CLE Seminar, March 1, 2012

Published Works:

Court Changes Course on Insurer’s Duty to Disclaim Coverage, ABA Insurance Coverage Litigation Committee Newsletter, March 2, 2012

An Insured’s Right to Record Consequential Damages against Its Insurer under New York Law: Will It Be the Exception or the Norm?, Insurance Advocate, February 9, 2009

New York’s Longstanding ‘No Prejudice’ Rule Is Overturned, International Law Office, Co-author, September 28, 2008

New York's 'No-Prejudice Rule' Change Vetoed - For Now, Insurance Day, September 7, 2007

New York Court Simplifies Choice of Law Analysis in Coverage Disputes, Insurance Day, December 1, 2006