SCOR Re Denies Obligation to Indemnify Cedent Under Facultative Certificate

HARTFORD, Conn. — SCOR Reinsurance Co. has denied allegations that it owes First State Insurance Co. more than $6.9 million in proceeds under a facultative reinsurance certificate and has demanded “strict proof” from First State indicating otherwise.

In a March 8 answer filed in the U.S. District Court for the District of Connecticut, SCOR also asserts it has no obligation to indemnify First State under the “follow the fortunes” or “follow the settlements” doctrines because First State failed to present a reasonable post settlement allocation of the loss reinsured.

In addition, SCOR contends First State failed to comply with …