STORY FROM: Reinsurance & Arbitration

OneBeacon, Transamerica Reach ‘Agreement In Principle’ in $2.1 Million Reinsurance Action

BOSTON — OneBeacon America Insurance Co. and Transamerica Reinsurance Co. have notified a Massachusetts federal judge that they are close to settling a lawsuit accusing TRC of breaching six facultative certificates by refusing to pay $2,151,206 in reinsurance billings.

In a July 28 notice filed before Judge Indira Talwani of the U.S. District Court for the District of Massachusetts, the parties explained that they have reached “an agreement in principle,” but added that more time is needed to finalize their agreement and execute a final written settlement agreement. As such, they requested to extend the stay of proceedings until Sept. ...

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