STORY FROM: Reinsurance & Arbitration

9th Cir. Upholds Denial of Reinsurer’s Motion to Intervene in Odyssey Re Case

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, ...

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