COMMUTATION, SETTLEMENT, AND RELEASE AGREEMENT OF LEGION INSURANCE COMPANY (IN LIQUIDATION) FILED UNDER SEAL AND APPROVED
A Pennsylvania Court has approved the commutation, settlement and release agreement between Legion Insurance Company (In Liquidation) and Midwest Employers Casualty Company. Legion was judicially determined insolvent in 2003, and the Pennsylvania insurance commissioner was appointed as liquidator. Legion and Midwest previously litigated in separate proceedings coverage of over 43 separate reinsurance certificates issued by Midwest to Legion between 1994 and 2001. In approving the commutation, settlement and release agreement, the Pennsylvania court noted that no objections to approval had been presented. The court also granted leave for the liquidator to file the agreement and its supporting affidavit confidentially under seal. In re Legion Insurance Co. (In Liquidation), 1 LEG 2002 (Pa. Commw. Ct. Dec. 30, 2014) (order approving commutation & order granting leave to file under seal).
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