U.S. Bank Seeks Summary Judgment in Suit Accusing it of Mishandling Reinsurance Funds

COLUMBIA, S.C. — A bank accused of mishandling reinsurance funds has moved for summary judgment in a lawsuit filed by Companion Property and Casualty Insurance Co., arguing that the insurer cannot recover damages because it has already been compensated for the assets in the trust accounts before it filed the action.

In a motion filed Aug. 21 before Judge J. Michelle Childs of the U.S. District Court for the District of South Carolina, U.S. Bank National Association further argued that Companion’s claims are time-barred and inadequately pled.

Companion participated in a fronted insurance program with reinsurers Redwood Reinsurance SPC Ltd. …