Lloyd’s Syndicates Deny Liability for Reinsurance Broker’s Losses

MIAMI — Three Lloyd’s of London syndicates have denied allegations that they must defend and indemnify a reinsurance broker in a suit arising from its placement of reinsurance for a Costa Rican insurer. Hemispheric Reinsurance Group LLC v. Lloyd's Syndicate PEM 4000, et al., No. 12-21668 (S.D. Fla.).

In an answer filed June 13 in the U.S. District Court for the Southern District of Florida, the syndicates further assert that the policy bars coverage for “any claim arising out of the failure to account for moneys.”

In September 2008, Hemispheric Reinsurance Group LLC was issued an errors and omissions …