SPARTA Insurance Says Mass. Reinsurance Case Presents Justiciable Controversy

BOSTON — SPARTA Insurance Co. has opposed Pennsylvania Insurance Co. (PGIC)’s motion for partial judgment on the pleadings in a case in which SPARTA seeks payment for underlying claims pursuant to a reinsurance contract and stock purchase agreement.

In a Nov. 2 filing, SPARTA contends that it sustained millions of dollars in losses after PGIC refused to satisfy its obligations and that the case presents a justiciable controversy over SPARTA’s contractual rights.

In June 2005, PGIC and AEIC entered into a reinsurance agreement, under which AEIC’s liabilities were transferred and assumed by PGIC.

SPARTA and PGIC entered a stock …