Parties Reach Settlement in N.Y. Lawsuit Involving $600 Million in Reinsurance Commissions
August 11, 2022
NEW YORK — A New York federal judge has dismissed a lawsuit accusing an Indian reinsurer of breaching binding authority agreements by refusing to pay a reinsurance intermediary $600 million in commissions, explaining that the parties reached a settlement.
On Aug. 4, Judge Valerie Caproni of the U.S. District Court for the Southern District of New York explained that the parties had reached an agreement on all issues, but had 60 days to apply to reopen the case.
In 2017, AM Re Syndicate and General Insurance Corporation of India (GIC) entered into two Binding Authority Agreements — an Ocean and …
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