Settlement Conference Held in Federal Action Against 2 Chinese Reinsurers

DES MOINES, Iowa — A settlement conference has taken place 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.

In a docket note, Judge Rebecca Ebinger of the U.S. District Court for the Southern District of Iowa noted that the parties came to an agreement regarding the process they will use for the next 75 days for exchange of information.

In October 2020, GuideOne affiliate Career General Agency LLC (CGA) and PICC Property and Casualty Co. entered into a binding authority agreement, under which …