Travelers Sues Excalibur for $824,592 in Retrocessional Proceeds

HARTFORD, Conn. — The Travelers Indemnity Co. has sued Excalibur Reinsurance Corp. for $824,592, plus interest, pursuant to a retrocessional treaty that covered a reinsurance contract issued to insurers of the accounting firm Ernst & Young.

In a Dec. 21 complaint filed in the U.S. District Court for the District of Connecticut, Travelers also seeks a declaration that Excalibur is liable to pay future billings submitted under the retrocessional treaty.

According to the complaint, Travelers, as successor to Gulf Insurance Co., reinsured certain policies issued to Ernst & Young by Gloucester Insurance Ltd. and RAM IIC Inc.

Ernst & …