Canal Insurance, Golden Isles Agree to Settle Reinsurance Fraud Action

ATLANTA - An action in which Canal Insurance Co. accused Golden Isles Reinsurance Company Ltd. of fraudulently liquidating its assets to avoid paying its reinsurance obligations has been settled, according to a recent filing in Georgia federal court.

In a Jan. 18 joint notice of settlement filed before Judge Leigh Martin May of the U.S. District Court for the Northern District of Georgia, the parties reached a binding and enforceable agreement to settle the case.

The settlement will be memorialized in a formal written confidential settlement agreement, which will result in the dismissal of this action with prejudice …