STORY FROM: Reinsurance & Arbitration

Nicaraguan Plant Owner Sues Insurer, Reinsurer for Fire Insurance Proceeds

MIAMI — The owner of a Nicaraguan plastics factory has sued an insurer and reinsurer Transatlantic Co. in Florida federal court, seeking $484,000 in insurance proceeds for a 2003 fire that occurred at the plant.

In a complaint filed Oct. 17 in the U.S. District Court for the Southern District of Florida, the plaintiff accuses the insurer of Transatlantic of “misusing the Nicaraguan court system” to avoid paying the proceeds. He also seeks more than $4 million in punitive damages.

Farouk Morales is the owner of a plastic manufacturing plant in Nicaragua, Plasticos de America Central S.A., which was covered ...

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