Validus Sues U.S. Government Over Tax Refund

January 30, 2013

Bermuda-based Validus has sued the US government for collecting tax on retrocession cover that the reinsurer bought outside of the United States, Insurance Insider reports.

“The insurer is asking for a full rebate of $435,380 for the 1 percent excise tax and interest it paid on cover it bought from non-American retrocessionaires in 2006,” Insurance Insider said.

Validus filed its complaint with the US District Court for the District of Columbia on 25 January.

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