New York Appellate Court Reinstates Antitrust Claims Against Equitas
January 13, 2011
NEW YORK - A New York state appellate court has reinstated a lawsuit accusing Equitas Ltd. of violating the state's antitrust law by conspiring with Lloyd's of London underwriters to drive down retrocessional claims payments to reinsurers. Global Reinsurance Corp. v. Equitas Ltd., No. 68048 (N.Y. App. Div., 1st Dept.).
On Jan. 11, the majority ruled that Global Reinsurance Corp. alleged a relevant product market as required by New York's Donnelly Act (General Business Law Â§ 340).
Global Re entered into retrocessional treaties with certain Lloyd's of London syndicates. In 1996, under Lloyd's Reconstruction and Renewal Plan, Equitas was …