STORY FROM: Reinsurance & Arbitration
Ala. Public Insurer Files Amended Complaint Against Munich Re, Demanding $350,000 in Reinsurance
May 4, 2017
MOBILE, Ala. — An Alabama non-profit public insurer has filed an amended complaint against Munich Reinsurance America Inc., accusing it of breaching a reinsurance contract by failing to fully reimburse it for a $1.3 million settlement of underlying flood claims.
In the pleading filed April 18 in the U.S. District Court for the Middle District of Alabama, Alabama Municipal Insurance Corp. (AMIC) asserts that Munich Re owes it $350,000 in reinsurance proceeds.
According to the amended complaint, Munich Re issued AMIC a Casualty Excess of Loss Reinsurance Agreement, under which AMIC agreed that it would “retain and be liable for ...
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