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Insurers Say Reinsurer Gave Away Its Assets To Avoid Paying Claims

(September 14, 2016, 2:46 PM EDT) -- ATLANTA — Two insurers told a federal court in Georgia on Aug. 22 that their alleged reinsurer deliberately distributed its assets to certain parties to avoid having to honor its reinsurance obligations (Canal Insurance Company, et al. v. Golden Isles Reinsurance Company, Ltd, et al., No. 15-cv-3331, N.D. Ga.).

(First amended complaint available. Document #12-160916-002C.)

Canal Insurance Co. and Canal Indemnity Co. (collectively, Canal) sued Golden Isles Reinsurance Co. Ltd., Neil Hansel Strickland, Reginald Strickland, Clifton Strickland Sr., Lawrence F. Volk, Gerry Whitt, Lou Ellen Rawls,...
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