NICO Accuses Brazilian Company, Reinsurer, of Attempting to Deprive it of $9 Million in Premium

NEWARK, N.J. — National Indemnity Co. has sued a Brazilian conglomerate and a reinsurer in New Jersey federal court, accusing them of attempting to deprive it of $9 million in premium earned under a retrocessional agreement issued to the reinsurer seven years ago.

In a Feb. 2 complaint filed in the U.S. District Court for the District of New Jersey, NICO accuses the defendants of entering into a settlement designed to deprive NICO of premium that it had earned as consideration for assuming up to $189.7 million in losses under the 2008 retrocessional contract.

Sul America Cia Nacional de Seguros, …