Transit Casualty Co. in Receivership v. Certain Underwriters at Lloyd's of London

ELLIS, Judge.

Transit Casualty Company, a Missouri Corporation headquartered in Los Angeles, California, was declared insolvent by the Circuit Court of Cole County, Missouri in 1985 and placed in liquidation pursuant to the provisions of the Missouri Insurers Supervision, Rehabilitation and Liquidation Act, §§ 375.1150-375.1246, RSMo 1984 (the “Liquidation Act”). The trial court appointed a statutory Receiver of Transit in that proceeding. Prior to its insolvency, Transit entered into a seriés of reinsurance agreements with certain underwriters at Lloyd’s of London, who were members of Lloyd’s…