STORY FROM: Reinsurance & Arbitration
Transport Insurance Sues Associated International for $126,161 in Reinsurance Proceeds
January 4, 2016
LOS ANGELES — Transport Insurance Co. has sued Associated International Insurance Co. for $126,161 in reinsurance proceeds, plus interest, for underlying losses sustained by its policyholders, including Dynelectron Corp., Mine Safety Appliances Co. and Ingersoll-Rand.
In a Dec. 23 complaint filed in the U.S. District Court for the Central District of California, Transport says Associated breached the parties’ payment protocol by failing to pay the billings within 45 days.
According to the complaint, Transport’s predecessor, Transport Indemnity Co., was reinsured under various facultative reinsurance certificates issued by Associated International Insurance Co. in the 1970s and early 1980s. The certificates were ...
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