STORY FROM: Reinsurance & Arbitration
$3.2 Million Default Judgment Issued in Favor of Odyssey Re in Calif. Fraudulent Transfer Case
October 11, 2017
SAN DIEGO — A California federal judge has issued a $3.2 million default judgment against Pacific Brokers Insurance Services (PBIS) in an action in which Odyssey Reinsurance Co. is seeking payment of an October 2015 judgment involving commission adjustments.
On Oct. 4, Chief Judge Barry Ted Moskowitz of the U.S. District Court for the Southern District of California also permanently enjoined PBIS from disbursing any remaining funds. In addition, the judge issued a preliminary injunction against PBIS’s former owners to prevent the dissipation of proceeds from PBIS’s sale to AmTrust North America Inc.
Beginning in 2002, Cal-Regent Insurance Services Corp. ...
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