Mississippi Windstorm Underwriting Ass'n v. Union National Fire Insurance

KING, Justice,

for the Court:

¶ 1. As a result of Hurricane Katrina, the Mississippi Windstorm Underwriting Association (MWUA) sustained great losses well in excess of its reinsurance. MWUA assessed its members to cover the loss. Members are required to share in MWUA’s expenses, profits, and losses based on their percentages of wind and hail insurance premiums written in the previous calendar year. After the initial assessments, several member companies complained that they had incorrectly reported the previous year’s figures. The Board of Directors gave the members a one-time opportunity to…