Travelers Challenges Excalibur’s Counterclaims in $1.57 Million Reinsurance Dispute

HARTFORD, Conn. — In its answer to counterclaims asserted by Excalibur Reinsurance Corp. in a $1.57 million reinsurance dispute, Travelers Indemnity Co. argues that Excalibur breached the parties’ treaty by failing to timely pay claims, therefore its counterclaim for breach of contract fails.

The April 16 filing in the U.S. District Court for the District of Connecticut also says Excalibur failed to state a claim upon which relief may be granted in its counterclaim for breach of declaratory judgment.

Two insurers sued a reinsurance broker for losses they allegedly sustained in connection with the PA LMX Spiral. The broker turned …