Odyssey Re Awarded Summary Judgment in $2.4 Million Reinsurance Commissions Dispute

BRIDGEPORT, Conn. — A Connecticut federal judge has awarded Odyssey Reinsurance Corp. summary judgment in a case involving more than $2.4 million in adjusted reinsurance commissions, ruling that no material issue of fact exists as to whether it breached the reinsurance agreement at issue.

In an Oct. 14 order, Judge Victor A. Bolden of the U.S. District Court for the District of Connecticut also rejected Cal-Regent Insurance Services Corp.’s argument that the parties’ 2004 reinsurance agreement required that the debit carry forward from Underwriting Year 2005 be applied to “losses incurred” for Underwriting Year 2006.

Odyssey Re entered into four …