Indian Reinsurer Asserts Counterclaims Against Intermediary in $600M Action

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 a May 12 answer to the intermediary’s amended complaint, filed in the U.S. District Court for the Southern District of New York, General Insurance Corporation of India (GIC) seeks a ruling that its termination of the binding authority agreements was proper.

GIC further alleges that AM RE Syndicate Inc. breached two Binding Authority Agreements by filing frivolous lawsuits against GIC’s cedents that interfere with GIC’s right …