Pine Top Receivables Sues Brazilian Reinsurer for $200,984 in Quota Share Proceeds

CHICAGO — Pine Top Receivables of Illinois has sued a Brazilian reinsurer for $200,984 in reinsurance proceeds allegedly due the insolvent Pine Top Insurance Co. under two quota share treaties in effect in the early 1980s.

According to the lawsuit, Pine Top’s liquidator billed Sul America Companhia National de Seguros the sum in 2010, but the reinsurer has failed to pay the accounting. The complaint, which was originally filed in the Cook County Circuit Court, was removed to the U.S. District Court for the Northern District of Illinois on July 1.

Companhia Bandeirente de Seguros Gerais engaged in transactions of …