U.S. Bank Denies Insurer’s Allegations that it Depleted Reinsurance Trust Account

  • Answer

COLUMBIA, S.C. — U.S. Bank National Association has answered an amended complaint in which Accident Insurance Company Inc. (AIC) accuses it of depleting a reinsurance trust account, arguing that the allegations are unfounded and the claims are time-barred.

In a Sept. 20 answer filed before Judge J. Michelle Childs of the U.S. District Court for the District of South Carolina, the bank also asserted a counterclaim against AIC for contractual indemnity.

In April 2013, AIC entered into a reinsurance contract with Freestone as part of a fronted insurance program. The contract required Freestone to supply collateral to secure its obligations. …

  • Black & LoBello
  • Faegre Baker Daniels
  • McGowan Hood & Felder
  • Sowell Gray Robinson Stepp & Lafitte
  • Wyche Law Office


HarrisMartin's Webinar Series: Midwest Asbestos Litigation

December 02, 2020 - Haddonfield, NJ
HarrisMartin Webinar Series