Validus Sues U.S. Government Over Tax Refund
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.
