Excalibur Opposes Cedent's Request to Enforce Reinsurance Settlement Agreement
July 8, 2013
DOCUMENTS
- Opposition Brief
HARTFORD, Conn. — Excalibur Reinsurance Corp. has opposed The Travelers Indemnity Co.’s (NYSE: TRV) motion to enforce a $217,800 settlement agreement, asserting the sum has already been wired to Travelers and that there was no bad faith breach of the agreement.
In its July 1 opposition filed in the U.S. District Court for the District of Connecticut, Excalibur contends Travelers is not entitled to sanctions in the form of attorney’s fees and costs because the settlement agreement was not a “time of the essence” contract. Excalibur was required only to pay the settlement amount within a reasonable period of …
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