Mariah Re Liquidators File Amended Complaint Seeking Return of Alleged Overpayments for Storm Losses

NEW YORK — In an amended complaint, 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 amended complaint, filed Oct. 18 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 improperly backdated the amended bulletin so that it appeared to have been issued prior …