STORY FROM: Reinsurance & Arbitration

Travelers Indemnity Dismisses ‘Anticipatory Breach of Contract’ Action Against Excalibur Re

HARTFORD, Conn. — The Travelers Indemnity Co. has dismissed its anticipatory breach of contract action against Excalibur Reinsurance Corp., in which it sought $127,067.15 in reinsurance proceeds for an underlying settlement of claims brought against Bank One Corp.

According to the Dec. 16 notice of dismissal filed in the U.S. District Court for the District of Connecticut, Excalibur has neither answered the complaint nor moved for summary judgment.

Travelers’ predecessor, Gulf Insurance Co., issued an excess insurance policy to Bank One, which was in effect from Oct. 2, 2002, to Oct. 2, 2003. The policy was allegedly reinsured under a ...

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