NICO Voluntarily Dismisses Claims Against Brazilian Reinsurer in $9 Million Premium Dispute

TRENTON, N.J. — National Indemnity Co. has voluntarily dropped its claims against a Brazilian reinsurer in a dispute over $9 million in premium for a 2008 retrocessional contract and has asked the court to resolve a jurisdictional dispute between NICO and the remaining defendants.

On Nov. 18, Judge Jose L. Linares of the U.S. District Court for the District of New Jersey dismissed the claims against IRB Brasil Resseguros without prejudice.

Brazilian insurer Sul America Cia Nacional de Seguros provided operations loss coverage to Companhia Siderurgica Nacional S.A. (CSN). The policy was originally in effect from Jan. 21, 2007, to …