Reliance Liquidator Seeks Approval of $5 Million Reinsurance Commutation

PHILADELPHIA – The liquidator of Reliance Insurance Co. has asked a Pennsylvania state court to approve a $5 million commutation and settlement agreement with Bermudian reinsurer CSC Assurance Ltd.

According to the motion filed in the Pennsylvania Commonwealth Court, the agreement would settle and finalize all reinsurance contracts between Reliance and CSC that have not already commuted.

“Through this settlement agreement, Reliance’s objective is to settle and finalize its relationship with CSC for all facultative and treaty reinsurance contracts between Reliance and CSC that were not previously commuted,” the liquidator explains. “As a result, the settlement agreement includes the commutation …