Swiss Re, Lloyd's Arbitrate $2.24 Million Retrocessional Case

NEW YORK - A battle between Swiss Reinsurance America Corp. and a Lloyd's syndicate over $2.14 million in retrocessional proceeds is currently being arbitrated in New York. Swiss Reinsurance America Corp. v. Certain Underwriters at Lloyd's London, No. 07-3174 (S.D. N.Y.).

According to the April 2007 complaint, Swiss Re's predecessor, First Excess and Reinsurance Corp., issued reinsurance treaties to Legion Insurance Co. that incepted on Oct. 1, 1998. In turn, First Excess reinsured its risk with Lloyd's Syndicate 53 under a retrocessional treaty underwritten by CORE Managers Inc. and/or all other companies in the Mutual Risk Management Ltd. Group.