Odyssey Re Asks Conn. Federal Court to Dismiss Cal-Regent’s Setoff Counterclaims

HARTFORD, Conn. — Odyssey Reinsurance Co. is urging a Connecticut federal court to dismiss Cal-Regent Insurance Services Corp.’s counterclaims for setoff asserted in response to a lawsuit in which Odyssey Re is seeking $2.74 million in commission adjustments.

In a Sept. 9 motion to dismiss filed in the U.S. District Court for the District of Connecticut, Odyssey Re argues that the counterclaims fail because Cal-Regent hasn’t alleged a debt presently due and owing that is mutual between Cal-Regent and Odyssey Re. Nor has Cal-Regent alleged a liquidated amount, the reinsurer contends.

In April 2002, Cal-Regent agreed to underwrite certain risks …