Pine Top to Appeal Award of Summary Judgment to Banco in $2.26 Million Reinsurance Action

CHICAGO — Pine Top Receivables of Illinois says it plans to appeal an Illinois federal judge’s award of summary judgment to Brazilian reinsurer Banco de Seguros del Estado in a dispute over $2.26 million in reinsurance proceeds.

According to a Sept. 22 notice of interlocutory appeal, PTRIL will also challenge in the 7th Circuit U.S. Court of Appeals the judge’s denial of its motion for leave to file an amended complaint.

Pine Top Insurance became insolvent and was placed into liquidation in 1986. The Illinois insurance commissioner was appointed liquidator. After completing an accounting, the liquidator sent a demand letter …