STORY FROM: Reinsurance & Arbitration

Select Not Authorized to Invoke Pre-Pleading Security Statute, Excalibur Maintains

HARTFORD, Conn. — Excalibur Reinsurance Corp. asserts that a magistrate’s ruling requiring it to post pre-pleading security in a $1.1 million reinsurance case was erroneous because as a foreign, unlicensed insurer, Select was not entitled to invoke Connecticut’s pre-pleading security statute.

In an April 28 brief filed in the U.S. District Court for the District of Connecticut, Excalibur argued that Select has not offered any case or authority supporting its position that that the pre-pleading security statute protects foreign, unlicensed insurers.

Ernst & Young was sued by plaintiffs alleging improprieties in its tax advice. Select allegedly paid nearly $5 million ...

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