Indian Reinsurer Levies Counterclaims Against Intermediary in $600 Million Action
April 18, 2022
NEW YORK — An Indian reinsurer has asserted counterclaims for declaratory judgment in a lawsuit accusing it of breaching binding authority agreements by refusing to pay a reinsurance intermediary $600 million in commissions.
In an April 8 answer filed in the U.S. District Court for the Southern District of New York, General Insurance Corporation of India (GIC Re) seeks a ruling that its termination of the binding authority agreements was proper and that AM RE Syndicate Inc. is only entitled to commissions for bound business.
In 2017, GIC Re designated AM RE as its agent to underwrite reinsurance in the …