STORY FROM: Reinsurance & Arbitration
Munich Re Challenges Ala. Public Insurer’s Demand for $350,000 in Reinsurance
May 5, 2017
MOBILE, Ala. — Munich Reinsurance America Inc. is refuting an Alabama non-profit public insurer’s claims that it breached a reinsurance contract by failing to pay $1.3 million for underlying flood claims, arguing the insurer sought payment under a contract that does not apply to the losses.
In its May 2 answer filed in the U.S. District Court for the Middle District of Alabama, Munich Re further argues there were multiple occurrences that gave rise to the flood claims for which coverage was sought.
According to the amended complaint, Munich Re issued AMIC a Casualty Excess of Loss Reinsurance Agreement (No. ...
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