STORY FROM: Reinsurance & Arbitration
Travelers Files ‘Anticipatory Breach of Contract’ Action Against Excalibur in Connecticut
November 24, 2015
HARTFORD, Conn. — The Travelers Indemnity Co. has filed an anticipatory breach of contract action against Excalibur Reinsurance Corp., seeking $127,067.15 in reinsurance proceeds for an underlying settlement of claims brought against Bank One Corp.
In a Nov. 19 complaint filed in the U.S. District Court for the District of Connecticut, Travelers accuses Excalibur of routinely waiting 210 days to review reinsurance billings, even though many of those bills are due for payment within two weeks after submission.
Travelers’ predecessor, Gulf Insurance Co., issued an excess insurance policy to Bank One, which was in effect from Oct. 2, 2002, ...
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