Financial Services Provider Sues Insurer, Reinsurers for $26 Million

WASHINGTON, D.C. — A financial services provider have sued an insurer and several reinsurers in Washington D.C. federal court, seeking payment of a $26 million judgment following an arbitration ruling in its favor.

In a July 20 complaint filed in the U.S. District Court for the District of Washington D.C., Vantage Commodities Financial Services I LLC contends that neither the insurer nor the reinsurers have paid the judgment, which arises from proceeds due Vantage under a reinsurance-backed credit insurance policy.

According to the complaint, Vantage procured the policy from insurer ART PCC LLC and reinsurers Hannover Ruckverishcerung AG, Partner Reinsurance …