Insurer OTM Sues Rival Broker For Losses After Soured Deal

Law360, London (September 2, 2019, 5:16 PM BST) -- A U.S. company that insures self-storage customers has sued a British rival in a London court, claiming it reneged on a partnership agreement and used confidential information to compete in the market for tenant protection insurance.

OTM Insurance Specialist LLC’s claim for breach of contract against Basil E. Fry & Co. Ltd., a company registered in England and Wales, says that in September 2018 the Texas-based business was looking to grow its tenant protection business by entering into agreements with new insurers and intermediaries.

Until that time it was working exclusively with one intermediary, or “cover holder,” according to OTM’s filing,...

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