Terra Nova Insurance Company Ltd.

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Two new lawsuits filed in Platinum Indemnity $60 m reinsurance dispute

A $60 million reinsurance dispute that could lead to the collapse of Bermuda-based rent-a-captive Platinum Indemnity Ltd. escalated recently with the filing of two new lawsuits in New York.In one action, Bank of America N. A. and Platinum Indemnity Ltd. are seeking $29,335,032 against Pennsylvania-based Diamond State Insurance Company.In the other lawsuit, Bank of America and Palladium Insurance, which is affiliated with Platinum, are seeking $26,995,000 against UK-based Terra Nova Insurance Company Ltd.