Guy Carpenter Urges Dismissal of $1 Million Reinsurance Commissions Lawsuit

HARRISBURG, Pa. — Carpenter & Company LLC told a New York federal judge that a lawsuit in which a reciprocal insurance exchange accuses it of wrongfully deducting more than $1 million from a fiduciary account should be dismissed because it was contractually entitled to withdraw the funds.

In a July 2 reply filed before Judge Mary Kay Vyskocil of the U.S. District Court for the Southern District of New York, Guy Carpenter argues that Housing and Redevelopment Insurance Exchange (HARIE)’s claims fail because it terminated the parties’ broker services agreement (BSA).

Guy Carpenter argues that Paragraph D of the BSA, …