Applied Underwriters Disputes CDI Ruling on EquityComp Program

Applied Underwriters said in a statement it disagrees with a California Department of Insurance order voiding a reinsurance participation agreement sent to a participant in the EquityComp program and plans to pursue all legal and regulatory remedies to overturn the ruling. At the same time, the company said a class action suit accusing Applied Underwriters and several affiliated companies of fraud is meritless. Insurance Commissioner Dave Jones on Jan. 21 adopted a proposed order from an administrative law judge invalidating a "reinsurance participation agreement" sent to Shasta Li...