NICO Seeks Summary Judgment on Fraud Allegations

NEW YORK - National Indemnity Co. (NICO) has moved for summary judgment on counterclaims accusing it of scheming to control the runoff of Seaton Insurance Co. and Stonewall Insurance Co. in order to profit at the expense of the insurers and their owners. National Indemnity Co. v. Greenwich Street Investments II, No. 08-4067, S.D. N.Y.).

The counterclaims, filed last month by Dukes Place Holdings, GCS Partners and Greenwich Street Investments in the U.S. District Court for the Southern District of New York, allege that NICO entered into a secret "side agreement" with a runoff manager to fraudulently gain control of …