Excalibur Says Select Insurance Misallocated Losses, Breached Retrocessional Treaty

HARTFORD, Conn. — Excalibur Reinsurance Corp. has answered Select Insurance Co.’s complaint demanding $1.1 million in retrocessional proceeds, asserting that Select misallocated its losses to the treaty and breached its terms by failing to provide Excalibur with the particulars of the claim.

In addition to filing its June 4 answer, Excalibur has asked the U.S. District Court for the District of Connecticut to stay the action pending Select’s motion for dismissal or transfer of a lawsuit in Pennsylvania involving the same parties, treaty and issues.

Select, a subsidiary of Travelers Insurance Co., reinsured policies issued by Gloucester Insurance Ltd. and …