Intermediary Moves to Dismiss Reinsurer’s Declaratory Judgment Counterclaims as Duplicative
May 3, 2022
NEW YORK — A reinsurance intermediary has moved to dismiss an Indian reinsurer’s counterclaims for declaratory judgment in a dispute over $600 million in commissions, arguing they are duplicative of the reinsurer’s breach of contract counterclaim.
In an April 24 motion filed in the U.S. District Court for the Southern District of New York, AM RE Syndicate Inc. says the declaratory judgment counterclaims asserted by General Insurance Corporation of India (GIC Re) are based upon the terms of the Binding Authority Agreements and will be resolved by the parties’ competing breach of contract claims.
In 2017, GIC Re designated …
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