STORY FROM: Reinsurance & Arbitration

Settlement Reached in $1.1 Million Pa. Federal Reinsurance Action

HARRISBURG — An action in which a financial services company sought $1.1 million under a reinsurance agreement covering a U.S. Custom Bonds program has settled, according to a recent filing in Pennsylvania federal court.

Aegis Security Insurance Co. and Kingsway Financial Services Inc. filed a stipulation of dismissal on Jan. 20 in the U.S. District Court for the Middle District of Pennsylvania.

In 1988, Kingsway approached Aegis for assistance in writing U.S. Customs Bonds until Kingsway had the legal authority to do so itself. In February 1988, the two entered into a fronting arrangement under which Aegis would ...

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