STORY FROM: Reinsurance & Arbitration
Munich Re Refutes Claims That it Owes OneBeacon $1.6 Million
March 21, 2012
BOSTON - Munich Reinsurance America Inc. has denied allegations that it owes OneBeacon America Insurance Co. more than $1.6 million in reinsurance coverage for an underlying settlement of pollution claims brought against Viacom's predecessors. OneBeacon America Insurance Co. v. Munich Reinsurance America Inc., No. 1:11-cv-12313 (D. Mass.).
In its March 20 answer, Munich Re also explained that it is unable to assert any affirmative defenses because OneBeacon "has offered no evidence of the terms or provisions of the alleged reinsurance contract." Munich Re reserved its right to assert all appropriate affirmative defenses if OneBeacon "satisfies its burden of proving the ...