STORY FROM: Reinsurance & Arbitration

Calif. Federal Judge Releases Nearly $1 Million in Court Registry to Odyssey Re

SAN DIEGO — A California federal judge has ordered the payment of $958,017.66 that had been held in a court registry to Odyssey Reinsurance Co. in a dispute in which the reinsurer seeks payment of a $3.2 million judgment from the former owners of Cal-Regent Services Corp.

In a March 14 order, Judge Barry T. Moskowitz of the U.S. District Court for the Southern District of California held that as a judgement creditor, Odyssey Re is entitled to the funds because they are assets of Cal-Regent’s successor, Pacific Brokers Insurance Services.

Cal-Regent was an insurance agency that underwrote certain insurance ...

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