STORY FROM: Reinsurance & Arbitration
Calif. Federal Judge Awards Odyssey Re Nearly $4 Million in Fraud Action
July 10, 2019
SAN DIEGO — A California federal judge has awarded Odyssey Reinsurance Co. summary judgment on its claims against the former owners of Cal-Regent Insurance Services Corp., ordering them to pay the reinsurer nearly $4 million in profits they reaped from the sale of the insurance agency.
In a July 2 order, Judge Ted Moskowitz of the U.S. District Court for the Southern District of California found defendants Richard and Diane Nagby’s transfer of the assets was fraudulent and rendered Cal-Regent insolvent and unable to pay Odyssey commissions.
Cal-Regent was an insurance agency that underwrote certain insurance risks on behalf of ...
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