STORY FROM: Reinsurance & Arbitration

U.S. Bank Opposes Proposed Civil Conspiracy Claim in Reinsurance Trust Account Case

COLUMBIA, S.C. — U.S. Bank National Association is urging a South Carolina federal judge bar an insurer from bringing a civil conspiracy claim in a lawsuit involving a reinsurance trust account, arguing the proposed claim is “futile and prejudicial.”

In an April 16 opposition filed in the U.S. District Court for the District of South Carolina, U.S. Bank further argues that the claim is time-barred and would unfairly greatly expand the scope of the litigation.

In April 2013, AIC entered into a reinsurance contract (the “program agreement”) with Freestone as part of a fronted insurance program. The program agreement required ...

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