STORY FROM: Reinsurance & Arbitration

Insurer Ordered to Provide Computation of Alleged Damages in Trust Agreement Action

COLUMBIA, S.C. — A South Carolina federal judge has ordered Companion Property and Casualty Insurance Co. to provide an initial estimate of damages it allegedly suffered in an action accusing a bank of breaching two trust agreements by mishandling assets that were intended to secure reinsurance obligations.

On June 24, Judge Michelle Childs of the U.S. District Court for the District of South Carolina further ordered Companion to provide a general analysis as to how it computed the figures.

Companion is a participant in a fronted insurance program with two reinsurers, Redwood Reinsurance SPC Ltd. and Dallas National Insurance Co. ...

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