STORY FROM: Reinsurance & Arbitration
Excalibur Opposes Ruling Requiring it to Post Pre-Pleading Security in Conn. Reinsurance Dispute
March 31, 2016
HARTFORD, Conn. — Excalibur Reinsurance Corp. has opposed a Connecticut federal magistrate judge’s ruling ordering it to post pre-pleading security, arguing that as a foreign corporation, Select Insurance Co. is not authorized to invoke the state’s pre-pleading security statute.
In a March 24 opposition filed in the U.S. District Court for the District of Connecticut, Excalibur further asserted that Magistrate Judge Joan Margolis erred in holding that foreign corporations fall within the class of persons to which the statute applies. The statute was clearly not intended to protect a foreign company that was never licensed in Connecticut, Excalibur maintains.
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