Reinsurer Granted Summary Judgment on Underwriting Agent’s Claims
September 19, 2012
NEW YORK — A New York federal judge granted a reinsurer summary judgment on claims that it breached an underwriting agency agreement by failing to provide Acumen Re Management Co. with quarterly reports and failing to consult Acumen before entering into commutation agreements.
However, in the Sept. 7 order, Judge George B. Daniels of the U.S. District Court for the Southern District of New York denied General Security National Insurance Co. summary judgment on Acumen’s claim that it was damaged by the reinsurer’s use of erroneous data in calculating Acumen’s contingent commission.
In 1994, Acumen Re entered into an ...