STORY FROM: Reinsurance & Arbitration

Insurer Says Bank Breached Reinsurance Trust Agreement, Not Entitled to Indemnity

COLUMBIA, S.C. — Accident Insurance Company Inc. has answered U.S. Bank National Association’s counterclaim for contractual indemnity in a lawsuit involving a reinsurance trust account, asserting that the bank has no such contractual right because it was “personally and actively at fault.”

In a brief filed before Judge J. Michelle Childs of the U.S. District Court for the District of South Carolina, AIC maintains that the bank engaged in negligence, willful misconduct and lack of good faith, thereby breaching the terms of the trust agreement.

In April 2013, AIC entered into a reinsurance contract with Freestone as part of a ...

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