Parties Nearing Settlement in Dispute Over Reinsurance Trust Account Proceeds

COLUMBIA, S.C. — A South Carolina federal judge has dismissed without prejudice cross-motions for summary judgment in a lawsuit accusing U.S. Bank National Association of breaching its duties as trustee of a reinsurance trust account, noting the parties are close to finalizing a written settlement agreement.

In a Jan. 8 text order, Judge J. Michelle Childs of the U.S. District Court explained that the parties will have the opportunity to refile their motions if they fail to consummate the settlement.

Companion participated in a fronted insurance program with reinsurers Redwood Reinsurance SPC Ltd. and Dallas National Insurance Co. As part …