Cal-Regent Says Odyssey Re’s Demand of $2.74 Million in Commissions is Inaccurate, Asserts Counterclaim For Setoff

HARTFORD, Conn. — In response to a lawsuit brought by Odyssey Reinsurance Co. seeking $2.74 million in commission adjustments, Cal-Regent Insurance Services Corp. has asserted a counterclaim for $68,824.91 in setoff pursuant to a reinsurance contract issued to State National Insurance Co.

In its July 29 answer filed in the U.S. District Court for the District of Connecticut, Cal-Regent further asserts that the sum it allegedly owes to Odyssey Re is subject to adjustment for costs Cal-Regent advanced to defend certain insurance claims and for a pending arbitration involving a coverage dispute between Cal Regent and State National.

In April …