STORY FROM: Reinsurance & Arbitration

U.S. Bank Denies Insurer’s Allegations that it Depleted Reinsurance Trust Account

COLUMBIA, S.C. — U.S. Bank National Association has answered an amended complaint in which Accident Insurance Company Inc. (AIC) accuses it of depleting a reinsurance trust account, arguing that the allegations are unfounded and the claims are time-barred.

In a Sept. 20 answer filed before Judge J. Michelle Childs of the U.S. District Court for the District of South Carolina, the bank also asserted a counterclaim against AIC for contractual indemnity.

In April 2013, AIC entered into a reinsurance contract with Freestone as part of a fronted insurance program. The contract required Freestone to supply collateral to secure its obligations. ...

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