J.C. Penney Life Ins. Co. v. Transit Casualty Co.

LISA WHITE HARDWICK, Judge.

This case arises from a proof of claim filed by J.C. Penney Life Insurance Company (“Penney”) against the receivership for Transit Casualty Company (“Transit”) pursuant to a “Reinsurance Agreement.” The Cole County Circuit Court entered a judgment finding that the agreement between Penney’s predecessor in interest, Beneficial Fire & Casualty Company (BF & C), and Transit is, in fact, a reinsurance agreement and not a contract of insurance. Based upon this finding, the circuit court determined that Penney’s claims against the Transit receivership are Class 5 general…