Unicover and Reliance Continue Fight

Reported by IMMS 01/26/00: The Unicover Managers LLC Workers Compensation reinsurance pool has changed its name and filed an arbitration request against Reliance Insurance Co. to recover $92 million in unpaid management fees. Unicover, now known as Cragwood Managers LLC, alleges that in retribution for the arbitration request, Reliance sued it for compensatory damages of at least $800 million for fraud, misrepresentation, multiple breaches of fiduciary duty, and misconduct. The Reliance lawsuit 'appears to be simply a tactical response to Unicover's demand for arbitration,' said Cragwood...