Fla. Jury Finds Brokers Did Not Intentionally Overcharge Costa Rican Insurer Reinsurance Commissions

MIAMI — A Florida jury has returned a verdict in favor of Hemispheric Reinsurance Group (HRG) and Howden Insurance Brokers, finding they did not breach Florida law by intentionally overcharging Costa Rican insurer Instituto Nacional De Seguros (INS) reinsurance commissions.

In a March 4 verdict, the Miami-Dade County Circuit Court jury also determined that INS must pay HRG $771,855.31 in damages on HRG’s counterclaim for breach of contract.

INS provides property damage and business interruption coverage to Instituto Costarricense de Electricidad (ICE), the Costa Rican state-owned telecommunications supplier.

In 2009, INS invited various brokers to bid for the placement of …