Enstar subsidiary Cavello Bay Reinsurance Limited is seeking damages of more than $400 million against Aspen Insurance Holdings in a U.S. lawsuit over an alleged breach of a reinsurance agreement.
Cavello Bay alleges in the lawsuit, which it filed in the Connecticut Superior Court in the judicial district of New Britain, that Aspen breached multiple provisions of an amended and restated reinsurance agreement dated January 10, 2022. The Class 3B reinsurer and Enstar’s primary non-life run-off consolidator said interest on what it is owed “likely exceeds $50,000 per day”.
Aspen Insurance Holdings told The Insurer it does not comment on ongoing litigation.
