Reinsurer Says ISO Falsified Loss Report; Seeks Return of Funds from Cedent

NEW YORK — In a newly filed suit, the liquidators of Mariah Re Ltd. allege the reinsurer was left insolvent after paying a cedent millions of dollars for severe storm losses in reliance on a report that had been falsified by ISO Services Inc.,d/b/a Property Claim Service.

The complaint, filed in the U.S. District Court for the Southern District of New York, says Property Claim Service (PCS) improperly issued an amended bulletin reporting on the losses after it issued its “final report,” and that ISO improperly backdated the amended bulletin so that it appeared to have been issued prior to …