Pine Top Receivables Sues U.K. Reinsurer for $181,555 in Excess of Loss Proceeds

CHICAGO — Pine Top Receivables of Illinois (PTRIL) has sued British reinsurer Transfercom Ltd., alleging it owes $181,554.68 in reinsurance proceeds under two excess of loss reinsurance agreements issued to Pine Top Insurance Co. in the early 1980s.

The complaint, removed to the U.S. District Court for the Northern District of Illinois on Oct. 7, says Transfercom’s debt is attributable to reinsurance contracts written by Nissan Fire and Marine Insurance Company (UK) Ltd. The lawsuit was originally filed in the Cook County (Ill.) Circuit Court.

According to the lawsuit, Pine Top Insurance Co. engaged in many reinsurance transactions and acted …