United National Group, Ltd., a specialty insurer, headquartered in the Cayman Islands, announced that its subsidiary, Diamond State Insurance Company, has entered into a settlement with Bank of America and Platinum Indemnity Limited relative to litigation pending in the U.S. District Court for the Southern District of New York.
In a separate announcement the company confirmed that David R. Bradley was appointed as CEO in November 2003, just prior to the Company’s successful initial public offering. He was also elected to the Company’s Board of Directors.
Under the terms of the settlement, Diamond State will pay $17.85 million to B of A and will “provide other non-financial consideration” to the bank and Platinum. In exchange it will receive a “full and final release relative to their claims of approximately $29.0 million, plus interest in excess of $10.0 million and fees and costs, related to ‘facultative reinsurance policies’ issued by Worldwide Weather Insurance Agency, and its principal Harold Mollin, purportedly on behalf of Diamond State,” said the bulletin.
It went on to note that as a result, Diamond State has “activated a pending arbitration against Partner Reinsurance Company, Ltd. and Partner Reinsurance Company of the U. S. seeking recovery under a reinsurance agreement covering business produced by Worldwide Weather Insurance Agency on a 100 percent basis with regard to the type of risk involved. In addition, Diamond State is seeking indemnification and contribution from Partner Reinsurance Company of the U.S. because of its role in the appointment of Mr. Mollin and Worldwide Weather Insurance Agency.”
Bradley joins United National after spending 31 years at The Hartford Financial Services Group, Inc., most recently as Executive Vice President of Hartford Fire and President of Hartford Specialty Company. Seth D. Freudberg remains as President and CEO of United National Insurance Company and related U.S. operations.
In his former role at Hartford Specialty, Bradley was responsible for all excess and surplus lines property and casualty business, fidelity and surety bond lines, directors and officers and errors and omissions liability, and agricultural lines, representing approximately $1.7 billion of gross written premium in aggregate. He began his career as an actuary with The Hartford and spent 13 years in various positions in specific underwriting and actuarial training, implementation and management.
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