Gettysburg Must Post $660,389 in Security, Judge Rules

HARTFORD, Conn. - An unauthorized reinsurer must post $660,389 in pre-pleading security in a reinsurance contract dispute with Arrowood Insurance Co., a Connecticut federal magistrate judge has ruled. Arrowood Surplus Lines Insurance Co. v. Gettysburg National Indemnity (SAC) Ltd., No. 3:09-972 (D. Conn.).

On April 6, U.S. Magistrate Judge Holly B. Fitzsimmons found that Gettysburg National Indemnity (SAC) Ltd. must post security in excess of the funds remaining in segregated cell accounts established by the reinsurer.

According to the June 2009 complaint, Gettysburg National Indemnity (SAC) Ltd. reinsured Arrowood's predecessors, Royal Surplus Lines Insurance Co. and Landmark American Insurance …