American Re-Insurance Co. v. INSURANCE COM'N, ETC.

This action arises out of the insolvency of the Signal Insurance Company (“Signal”), and the Imperial Insurance Company (“Imperial”), (collectively, “Signal/Imperial”). Plaintiff American Re-Insurance Company (“American”) entered into reinsurance and retrocession agreements with Signal/Imperial, which obligate American to indemnify Signal/Imperial for a certain portion of losses on insurance policies written by these companies. Following the insolvency of Signal/Imperial, various parties have made conflicting demands for direct payment of proceeds due under the reinsurance contracts executed by American and Signal/Imperial.

The Second Amended Complaint names as defendants: the Insurance Commissioner of the State of California, as domiciliary liquidator of Signal/Imperial (“California Commissioner”); the Chief of the Receivership Division of the Department of Insurance of the State of Alabama, as ancillary liquidator of Imperial; the Department of Insurance of the State of Florida, as ancillary receiver of Signal/Imperial (“Florida Department”); the California Insurance Guarantee Association (“CIGA”); the Arizona Property and Casualty Insurance Guaranty Fund Board (“AIGFB”); the…