Brazilian Reinsurer Refutes Claims That it Owes Pine Top Receivables $200,984 in Quota Share Proceeds

CHICAGO — A Brazilian reinsurer is refuting Pine Top Receivables of Illinois’ claims that it owes $200,984 in reinsurance proceeds under two quota share treaties in effect in the early 1980s, arguing that any liability it may have had has since been commuted.

In its July 8 answer filed in the U.S. District Court for the Northern District of Illinois, Sul America Companhia National further asserts that PTRIL’s claims are barred because Pine Top Insurance Co. breached the treaties’ terms and that its losses were ceded to the wrong contract period.

The complaint, which PTRIL originally filed in the Cook …