Connecticut Federal Court Grants Reinsurer’s Motion For Summary Judgment, Entitling It To Commission Adjustment Payments

Carlton Fields
Contact

In a diversity action arising out of a series of reinsurance agreements, a reinsurer, Odyssey Reinsurance Company, alleged that it was owed sliding scale commission adjustment payments from Cal-Regent Insurance Services Corporation, and sought summary judgment on its breach of contract and declaratory judgment claims. On August 20, 2015, a district court in Connecticut denied Odyssey’s motion for summary judgment without prejudice, and allowed Cal-Regent to amend its answer to comply with the Federal Rules of Civil Procedure and to properly plead that Odyssey breached the reinsurance agreements (which we reported on September 21, 2015). Thereafter, Cal-Regent did not amend its answer, and Odyssey renewed its motion for summary judgment. On October 14, 2015, the Court held that there was no genuine issue of material fact, and that Odyssey is entitled as a matter of law to a declaratory judgment that Cal-Regent breached the reinsurance agreements, allowing Odyssey to recover over $2.7 million in the commission adjustment payments, plus prejudgment interest.

Odyssey Reinsurance Co. v. Cal-Regent Insurance Services Corp., No. 3:14-cv-00458 (USDC D.Conn. Oct. 14, 2015).

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Attorney Advertising.

© Carlton Fields

Written by:

Carlton Fields
Contact
more
less

PUBLISH YOUR CONTENT ON JD SUPRA NOW

  • Increased visibility
  • Actionable analytics
  • Ongoing guidance

Carlton Fields on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide