Excalibur Sues Travelers in Pa. Federal Court, Disclaims Liability for $1 Million Retrocessional Billing

PHILADELPHIA — Excalibur Reinsurance Co. seeks a ruling that it is not obligated to respond to retrocessional billings by Travelers Insurance Co. and its subsidiary for the settlement of claims asserted against Ernst & Young because Excalibur was never provided with the “particulars of the loss” as required by the treaty.

In a May 7 complaint filed in the U.S. District Court for the Eastern District of Pennsylvania, Excalibur also accuses Travelers and Select Insurance Co., of breaching the treaty by “failing to act as a reasonable, businesslike insurer/reinsurer in its handling, assessment, and reserving” the underlying claims.

Five days …