PMC Casualty Corp v. Virginia Surety Company Inc.

District Court, N.D. Illinois·Decided June 19, 2025·No. 1:24-cv-07795·Unknown

Opinion

IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION

PMC CASUALTY CORP., ) ) Plaintiff, ) ) vs. ) Case No. 24 C 7795 ) VIRGINIA SURETY CO., INC., ) ) Defendant. )

MEMORANDUM OPINION AND ORDER MATTHEW F. KENNELLY, District Judge: PayLink Payment Plans, LLC financed vehicle service contracts sold to motor vehicle owners by Protect My Car, LLC and its affiliates. Thousands of motor vehicle owners cancelled these contracts. After Protect My Car failed to repay PayLink for its financing, PayLink sued both Protect My Car and its insurer—Virginia Surety Co., Inc.— in separate state-court lawsuits. Separately, Virginia Surety entered into an agreement with PMC Casualty Corp. to insure its own insurance obligations to Protect My Car—i.e., a reinsurance agreement. As relevant to this case, Virginia Surety agreed to pay the positive net reserves generated via its arrangement to insure the underlying service contracts to PMC Casualty Corp. Virginia Surety, however, allegedly refused to pay certain net reserves, citing its potential liability to PayLink. PMC Casualty sued Virginia Surety in the Middle District of Florida for breach of the reinsurance agreement. The case was later transferred to the Northern District of Illinois, where it was reassigned to the undersigned judge. PayLink has moved to intervene into this litigation as a defendant, proposing to assert state-law crossclaims and counterclaims against both Virginia Surety and PMC Casualty. For the reasons stated below, the Court denies PayLink's motion to intervene.

Background Protect My Car, LLC and Protect My Car Admin Services, Inc. (collectively "Protect My Car") sold vehicle service contracts—a form of extended warranties—to owners of motor vehicles. A motor vehicle owner could choose to pay for this service in one of two ways: in full upfront, or in monthly installments through a finance agreement. PayLink Payment Plans, LLC financed the vehicle owners' installment contracts. It agreed to advance Protect My Car a percentage of the sales price that it charged the vehicle owners. In exchange, Protect My Car would pay PayLink the installment payments due from vehicle owners until PayLink collected the amount it advanced, plus a fee.

Under Illinois law, motor vehicle owners have the right to cancel these service contracts at any time. 215 ILCS 152/35(a). Illinois law further entitles a vehicle owner who cancels a service contract to "a pro rata refund of the service contract for the unexpired term of the service contract." Id. 152/35(a)(2). Presumably to ensure these refunds are paid, Illinois law also requires a service contract provider to be "insured" and provides that "the insurer will pay to, or on behalf of, the service contract provider all sums that the service contract provider is legally obligated to pay." Id. 152/15(1)(A)– (D). Protect My Car obtained the requisite liability insurance—called contractual liability insurance policies (CLIPs)—from Virginia Surety to insure its obligations under the service contracts. Virginia Surety then obtained insurance from PMC Casualty to protect it against the risks it assumed under the CLIPs. The relationship between PMC Casualty and Virginia Surety is governed by a

written contract called a reinsurance agreement. Under the agreement, Virginia Surety ceded, and PMC Casualty reinsured, 100% of the risk of any payments that might have to be made under the vehicle service contracts covered by the CLIPs. In exchange, PMC Casualty receives any net positive reserves created by the service contracts. The agreement required PMC Casualty to maintain a trust account or a letter of credit to secure its reinsurance obligations to Virginia Surety. PMC Casualty and Virginia Surety agreed that Virginia Surety could withdraw assets from the trust account only for four enumerated purposes: (1) to reimburse Virginia Surety for PMC Casualty's share of premiums refunded "pursuant to the provisions of the Reinsured Policies on account of cancellations of those Reinsured Policies," (2) to reimburse Virginia Surety

for PMC Casualty's share of "surrenders" and benefits or losses paid by Virginia Surety "pursuant to the terms and provisions of the Reinsured Policies," (3) to fund an account to cover reserves for claims and losses incurred; and (4) "to pay any other amounts [Virginia Surety] claims are due under this agreement." PMC Casualty's Compl., Ex. 1 § A-11(e). The agreement also sets out a method for calculating the account between PMC Casualty and Virginia Surety to determine ownership of any net reserves. If the amount calculated results in a net positive result, the net is due to PMC Casualty from Virginia Surety. But if the net is negative, the net is due to Virginia Surety from PMC Casualty. In April 2023, PMC Casualty and Virginia Surety agreed to amend the reinsurance agreement. The amendment transferred the funds previously held in PMC Casualty's trust account to a Funds Withheld Account to be held by Virginia Surety. The amendment did not, however, change the limitations upon Virginia Surety for

withdrawing assets from the account. One last relevant requirement of the reinsurance agreement is that it required Virginia Surety to provide quarterly reports concerning the reserves in the account. According to PMC Casualty, two reports issued by Virginia Surety—a "Q4 2023" report and an "'as of' January 31, 2024" report—acknowledged reserves due to PMC Casualty. PMC Casualty's Compl. ¶¶ 29–30. These reports indicated that over $18 million of "cancellations" were due to PMC Casualty. Id. A. State litigation According to PayLink, roughly 30,000 of the vehicle service contracts it financed were cancelled before it was able to recoup its advanced payments. PayLink thus filed

suit against Protect My Car in the Circuit Court of Cook County, Illinois in September 2023, alleging breach of contract. Yet it appears that Protect My Car does not have the ability to satisfy any judgment. So PayLink initiated a suit against Virginia Surety— Protect My Car's insurer—in November 2023, also in the Circuit Court of Cook County. Although PayLink lacks a direct contract with Virginia Surety, it alleged in state court that it is owed the refund amounts mandated by statute that Virginia Surety allegedly insured as the insurer of Protect My Car. According to PayLink, Protect My Car had the vehicle owners sign over any refund rights to Protect My Car as part of their vehicle service contracts. Protect My Car then assigned these rights to PayLink via a clause in their agreement in which Protect My Car assigned PayLink all rights to its accounts if it failed to repay PayLink for its financing services. PayLink's Mem. in Support of its Mot. to Intervene, Ex. A at Ex. 7 ¶¶ 54–55. Virginia Surety moved in state court to dismiss PayLink's complaint.

On January 12, 2024, PMC Casualty successfully moved to intervene in PayLink's state-court action against Virginia Surety. PMC Casualty argued that "Virginia Surety owes certain obligations to PMC Casualty in connection with the reinsurance of the CLIPs, including the payment of Cancellation Refund Amounts under the CLIPs." Id., Ex. G. ¶ 17. Based on these obligations, PMC Casualty contended its intervention was necessary as its "rights under the Reinsurance Agreement" would be "directly and substantially impacted and prejudiced by PayLink's Complaint." Id. ¶ 21. Once allowed to intervene, PMC Casualty filed a complaint for declaratory judgment, requesting an order that "PayLink is owed no duties, obligations, remedies, or amounts in connection with the Reinsurance Agreement." Id., Ex. A at Ex.1 ¶ 91(A)).

On December 10, 2024, Judge Anthony Swanagan—the presiding judge in this state-court suit—held a hearing to discuss the issues presented.

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PMC Casualty Corp v. Virginia Surety Company Inc., (N.D. Ill. 2025).

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