STORY FROM: Reinsurance & Arbitration
Calif. Federal Judge Orders Former Agency Owner to Pay Odyssey Re $3.3 Million
September 19, 2019
SAN DIEGO — A California federal judge has ordered a former co-owner of Cal-Regent Insurance Services Corp. to pay Odyssey Reinsurance Co. nearly $3.3 million, consisting mainly of sums reaped from the sale of the insurance agency.
In an Aug. 30 order, Judge Ted Moskowitz of the U.S. District Court for the Southern District of California held that the payment of $2.5 million from Pacific Brokers Insurance Services Corp. (PBIS) to Diane Dostalik (formally Diane Nagby) is avoided under the California Uniform Fraudulent Transfer Act.
“Odyssey Re shall recover from Dostalik damages under the California Uniform Fraudulent Transfer Act ...
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