Settlement Conference Scheduled in Iowa Federal Lawsuit Against 2 Chinese Reinsurers

DES MOINES, Iowa — A settlement conference has been scheduled in an Idaho federal lawsuit in which GuideOne Insurance Co. accuses two Chinese reinsurers of breaching several facultative reinsurance agreements by refusing to pay claims.

Judge Rebecca Ebinger of the U.S. District Court for the Southern District of Iowa scheduled the conference for Jan. 16 in a Dec. 5 docket note.

In October 2020, GuideOne affiliate Career General Agency LLC (CGA) and PICC Property and Casualty Co. entered into a binding authority agreement, under which PICC gave CGA express authority to bind insurance and reinsurance cover on behalf of PICC.