Select Insurance Sues Excalibur for $1 Million in Retrocessional Proceeds for Ernst & Young Losses

HARTFORD, Conn. — Select Insurance Co. has sued Excalibur Reinsurance Corp. for more than $1 million in retrocessional proceeds for the resolution of underlying errors and omissions claims asserted against Ernst & Young.

In a May 12 complaint filed in the U.S. District Court for the District of Connecticut, Select also seeks a ruling that Excalibur must pay Select’s future billings made under the retrocessional contract.

According to the complaint, Select Insurance Co. reinsured policies issued by Gloucester Insurance Ltd. and RAM IIC Inc. to the accounting firm of Ernst & Young.

Select then obtained retrocessional coverage for its …