General Agent Asserts Counterclaims in Texas Federal Reinsurance Action

FORT WORTH, Texas — A general agent has asserted counterclaims for breach of contract, contribution and unjust enrichment in a lawsuit in which Antares Reinsurance Co. accuses it of conspiring with a claims manager to under-reserve losses and loss adjustment expenses in order to avoid triggering reductions to their commissions.

In an April 3 filing, National Transportation Associates Inc. accuses Antares of breaching a 2017 reinsurance treaty, causing NTA to incur millions of dollars in out-of-pocket or direct damages.

In the lawsuit, Bermuda-based Antares alleges NTA and Superior Risk Management (SRM) under-reserved reinsurance claims and incurred relatively significant amounts to …