Excalibur Objects to Magistrate Judge’s Ruling that Foreign Insurer May Invoke Conn. Pre-Pleading Security Statute

HARTFORD, Conn. — Excalibur Reinsurance Corp. has objected to a federal magistrate judge’s holding that a foreign insurer is not barred from invoking Connecticut’s pre-pleading security statute because the statute does not address the citizenship of the party initiating the action, arguing that the ruling contravenes the state legislature’s intent.

In a May 24 objection filed in the U.S. District Court for the District of Connecticut, Excalibur further argued that the magistrate judge should have considered its argument that Connecticut law determines whether a corporation is entitled to invoke the statute, contending that it did not make this argument for …