NICO Opposes Motion to Dismiss Lawsuit Involving $9 Million in Retrocessional Premium

NEWARK, N.J. — National Indemnity Co. has opposed a Brazilian company’s motion to dismiss a lawsuit involving $9 million in premium for a 2008 retrocessional contract, asserting the complaint was properly served upon the defendant’s agent in New York.

In a May 18 opposition filed in the U.S. District Court for the District of New Jersey, NICO further asserts that the court has jurisdiction because the defendant, through its agent in New Jersey, conducted its entire business with NICO.

Brazilian insurer Sul America Cia Nacional de Seguros provided operations loss coverage to Companhia Siderurgica Nacional S.A. (CSN). The policy …