California sued on behalf of Mission Insurance.
The state Department of Insurance, conservator of the financially troubled Los Angeles-based insurer, filed suit against 144 reinsurers to recover $700 million in overdue payments plus at least $500 million in punitive damages. “While Mission has been paying policyholders covered by reinsurance agreements, the reinsurers have not,” Insurance Commissioner Roxani Gillespie said.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
