STORY FROM: Reinsurance & Arbitration
9th Cir. Upholds Denial of Reinsurer’s Motion to Intervene in Odyssey Re Case
September 8, 2020
SAN FRANCISCO — A federal appeals panel has upheld denial of a reinsurer’s motion to intervene in Odyssey Reinsurance Co.’s lawsuit against the owners of Cal-Regent Insurance Services Corp., ruling that it was untimely and would cause prejudice to the parties if granted.
In a Sept. 2 order, the 9th Circuit U.S. Court of Appeals panel agreed with the lower court that, as a creditor of Cal-Regent, Knight Insurance Company Ltd. “reasonably should have known” of the lawsuit sooner.
In 2015, Odyssey Reinsurance Co. won a $3.2 million judgment against Cal-Regent for breach of contract.
To avoid that judgment, ...