STORY FROM: Reinsurance & Arbitration
Captive Sues Underwriting Management Organization Over Denial of Reinsurance Claim
February 5, 2020
BOSTON — An offshore captive insurer has accused an underwriting management organization of wrongfully denying a claim filed under a stop loss excess reinsurance contract, asserting that it was not authorized to do so and as a result, caused the reinsurer to breach the policy.
In a Jan. 29 complaint filed in the U.S. District Court for the District of Massachusetts, the insurer alleges Starline USA LLC denied the claim without a legitimate basis, despite the insurer’s compliance with policy terms.
In October 2017, Wellforce Indemnity Company Ltd., a captive insurer incorporated in the Cayman Islands, asked broker Guy Carpenter ...
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