Costa Rican Insurer Drops its Appeal of $771,855 Verdict Issued in Favor of Reinsurance Brokers

MIAMI — Costa Rican insurer Instituto Nacional De Seguros (INS) has agreed to drop its appeal of an adverse $771,855 verdict issued in favor of two reinsurance brokers accused of overcharging the insurer for reinsurance commissions.

On Nov. 14, INS and the brokers, Hemispheric Reinsurance Group and Howden Insurance Brokers stipulated to dismissal of the appeal in the Florida Court of Appeal, 3rd District.

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 reinsurance for the …