Parties in $600 Million Binding Authority Dispute Discuss Settlement, According to N.Y. Filing
June 30, 2022
NEW YORK — A settlement conference took place in a lawsuit accusing an Indian reinsurer of breaching binding authority agreements by refusing to pay a reinsurance intermediary $600 million in commissions.
The talks occurred on June 24 between General Insurance Corporation of India (GIC) and AM RE Syndicate Inc., according to a filing in the U.S. District Court for the Southern District of New York.
In 2017, AM Re and GIC entered into two Binding Authority Agreements with GIC — an Ocean and Inland Marine Binding Authority Agreement (“Marine Binder”), and a Commercial Transportation Binding Authority Agreement (“Motor Binder”).
- Freeborn & Peters
- Kennedys CMK LLC