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

By David Marchant

24 years ago

Topics

Bermuda Insurance

Keywords

Bank of America Bermuda Insurance Market Diamond State Insurance Company Palladium Insurance Platinum Indemnity Ltd.

Terra Nova Insurance Company Ltd.

[ 1 more... ] [ top 5 ]

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.

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