Calif. Federal Court Finalizes $3.2 Million Default Judgment Against Cal-Regent Insurance Services

SAN DIEGO - A California federal court has granted Odyssey Reinsurance Co.'s request to certify as final a $3.2 million default judgment against Pacific Brokers Insurance Services (PBIS) and Cal-Regent Insurance Services Corp., thereby allowing Odyssey Re to pursue satisfaction of the judgment.

In a March 5 order, the U.S. District Court for the Southern District of California agreed with Odyssey Re that there is no just reason for delaying certification, and that any delay would prejudice the reinsurer.

Cal-Regent Insurance Services Corp. underwrote certain risks on behalf of State National Insurance Co. Odyssey Re reinsured State National under four …