Policyholder Seeks Partial Summary Judgment in $26 Million D.C. Federal Reinsurance Battle
August 7, 2020
WASHINGTON, D.C. — Vantage Commodities Financial Services Inc. has moved for partial summary judgment in its federal action accusing reinsurers of breaching an implied contract by refusing to pay a $26 million arbitration award issued in its favor.
In a July 31 motion filed before Judge Trevor N. McFadden of the U.S. District Court for the District of Columbia, vantage contends that the reinsurance contracts at issue contained language requiring the reinsurers to pay “settlements” pursuant to the terms of the underlying policy.
Assured Risk Transfer PCC LLC (ART) sold Vantage a credit insurance policy covering Vantage’s losses up …
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