Parties Reach Settlement in S.C. Federal Action Involving Reinsurance Trust Account

COLUMBIA, S.C. - An action in which an insurer accused U.S. Bank National Association of breaching its duties as trustee of a reinsurance trust account has been settled, according to a joint status report filed in South Carolina federal court.

In the report filed before Judge J. Michelle Childs of the U.S. District Court for the District of South Carolina, Companion Property & Casualty Insurance Co. and U.S. Bank National Association say they intend to finalize and execute the settlement agreement, and seek dismissal of the action.

Companion participated in a fronted insurance program with reinsurers Redwood Reinsurance SPC Ltd. …