Select Insurance Drops $1.1 Million Reinsurance Action Against Excalibur Re

HARTFORD, Conn. — Select Insurance Co. has voluntarily dismissed its action demanding $1.1 million in retrocessional proceeds from Excalibur Reinsurance Corp. for an underlying settlement of claims filed against Ernst & Young.

In an April 12 notice of voluntary dismissal filed in the U.S. District Court for the District of Connecticut, Select said the action has been dismissed without prejudice without costs to either party.

Select Insurance Co.’s insured, Ernst & Young, was sued by customers alleging improprieties in its tax advice. Select paid nearly $5 million for the claims and billed Excalibur $1,105,945.47 under the treaty’s “cash call” provision, …