STORY FROM: Reinsurance & Arbitration

Insurance Agent Sues Greenlight Re Over Amended 'Claw Back' Provision

FORT WORTH, Texas — An insurance agent is seeking a ruling that Greenlight Reinsurance Ltd. is barred from seeking a return of premiums for a quota share reinsurance agreement, arguing that the terms of the commission scheme have since been amended.

In the complaint, removed to the U.S. District Court for the Northern District of Texas on Sept. 4, Contractor Managing General Insurance Agency Inc. (CMGIA) contends that Greenlight is attempting to rely upon language that the parties specifically removed via the amendments.

On April 1, 2012, CGMIA, Greenlight and State National Insurance Company Inc. entered into a Quota ...

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