Ill. Judge Finds Banco Liable to Republic Under LMX Treaty; Dismisses Claims Against GAN

CHICAGO — An Illinois federal judge has found Banco de Seguros del Estado liable to Republic Insurance Co. under an LMX quota share treaty for $235,363 in retrocessional proceeds, ruling that Republic’s post-2003 billings are timely under English law.

However, in the July 26 order, Judge William T. Hart of the U.S. District Court for the Northern District of Illinois denied Republic’s retrocessional claims against Group Des Assurances Nationales, rejecting Republic’s assertion that its claims are timely under an “account stated” theory.

In 1972, Republic entered into a written "syndication agreement" with Pan Atlantic Group Inc. and Pan Atlantic Reinsurance …