National Indemnity Voluntarily Dismisses Claims Against Brazilian Company, Reinsurance Intermediary, in $9 Million Dispute

CAMDEN, N.J. — National Indemnity Co. has voluntarily dismissed with prejudice its claims against a Brazilian company and a reinsurance intermediary in a dispute over $9 million in premium for a retrocessional contract.

NICO filed the notice of dismissal in the U.S. District Court for the District of New Jersey on May 4.

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 Nov. 21, 2007, but was later extended from Nov. 21, 2007, to Feb. 21, 2008 (the extension …