New Suit Says Excalibur Owes Travelers More Than $100,000 in Retrocessional Proceeds

HARTFORD, Conn. — Travelers Indemnity Co. has sued Excalibur Reinsurance Corp. for more than $100,000 in retrocessional proceeds for sums it paid to resolve claims brought against the former accounting firm of Arthur Andersen LLP.

The complaint, filed Dec. 11 in the U.S. District Court for the District of Connecticut, accuses Excalibur of refusing to pay three retrocessional billings submitted by Travelers under a professional errors and omissions treaty.

According to the suit, Travelers subscribed to two reinsurance contracts that covered a policy issued by Professional Services Insurance Company Ltd. to Arthur Andersen. In turn, Travelers obtained retrocessional coverage …