Allstate Seeks To Join Chancery Brawl Over Reinsurance Firm
Law360, Wilmington (May 15, 2019, 10:26 PM EDT) -- Allstate Life Insurance Co. moved to intervene late Tuesday in a Chancery Court scramble over the rehabilitation of reinsurance firm Scottish Re (U.S.) Inc. and a Delaware Insurance Department ruling that insurers worry could curb their right to reduce payments to Scottish Re by the amounts it owes to them.
The filing made Allstate the second company asking to intervene in a matter involving the state agency's rehabilitation and receivership order for SRUS, a reinsurer and a non-debtor affiliate of Scottish Holdings Inc., which slipped last month from Chapter 11 to Chapter 7 in Delaware Bankruptcy Court after the collapse of...
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