$2 Million Lawsuit Over ECRA Pool Proceeds Settled In New York

NEW YORK - Peerless Indemnity Insurance Co. has agreed to settle a New York federal action in which it demanded more than $2 million in retrocessional proceeds from AXA General Insurance Hong Kong Ltd. Peerless Indemnity Insurance Co. v. AXA General Insurance Hong Kong Ltd., No. 07-CIV-7638 (S.D. N.Y.)

On March 24, Judge Paul Crotty of the U.S. District Court for the Southern District of New York granted the parties' motion to dismiss without prejudice. The terms of the settlement are confidential.

In 1973, GRE USA and its parent corporation, the Guardian Royal Exchange, entered into a pooling and reinsurance …