Guy Carp. sued

Only 2 years after paying over some $850m to Eliot Spitzer, Guy Carp have fallen foul of Connecticut A-G, Richard Blumenthal. In a newly-filed lawsuit, he accuses the broker of price-fixing and anti-competitive practices going back 50 years or so.

GC say he simply doesn’t understand what reinsurance is and how it works:
>”The Connecticut Attorney General’s complaint is based on a fundamental misunderstanding of reinsurance facilities that have been in operation for the benefit of small- and mid-sized clients for as long as 50 years,” the company said in a statement. “As many of our clients have confirmed during this investigation, these facilities result in improved availability and terms of reinsurance and ultimately benefit insurance buyers. Simply put, there is no basis for the attorney general’s lawsuit and we intend to defend ourselves vigorously.”

Let battle commence.