STORY FROM: Reinsurance & Arbitration
Allied World Refutes $947,927 Reinsurance Claim
February 4, 2009
PHILADELPHIA - In response to OneBeacon Insurance Co.'s $947,927 breach of contract claim, Allied World Insurance Co. asserts that it has paid its share of losses and expenses under the property reinsurance contract at issue. OneBeacon Insurance Co. v. Allied World Insurance Company Ltd., No. 08-05846 (E.D. Pa.).
In its Jan. 12 answer filed in the U.S. District Court for the Eastern District of Pennsylvania, AWIC argues that it has paid $165,000 in loss and $3,114.86 in expense to OneBeacon for an underlying property loss claim.
AWIC issued OneBeacon a property reinsurance contract in March 2005. The contract, which was ...