STORY FROM: Reinsurance & Arbitration

Select Says Excalibur’s Objection to Pre-Pleading Security Ruling is ‘Delay Tactic’ Spurred by Liquidation Proceedings

HARTFORD, Conn. — In its reply to Excalibur Reinsurance Corp.’s objection to a federal magistrate judge’s holding that a foreign insurer is not barred from invoking Connecticut’s pre-pleading security statute, Select Insurance Co. asserted that Excalibur is using delay tactics in light of liquidation proceedings that were initiated in Pennsylvania in early May.

In a May 27 reply filed in the U.S. District Court for the District of Connecticut, Select maintained that Excalibur failed to alert the court of the consensual liquidation proceedings and that its objection was filed “as a mere pretext to buy time for its preferred ...

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