STORY FROM: Reinsurance & Arbitration

N.Y. Federal Judge Extends Deadline in $20 Million Reinsurance Action

NEW YORK — A New York federal judge has allowed a Japanese insurer extra time to answer a complaint accusing it of breaching a security trust agreement by refusing to release nearly $20 million in assets from Takata Reinsurance Inc. (TKRI)’s operating account.

On Feb. 7, Judge J. Paul Oetken of the U.S. District Court for the Southern District of New York gave AIG General Insurance Company Ltd. (AIG Japan) until Feb. 25 to answer the complaint.

From 2001 to 2015, Takata Corp., a Japanese automotive safety system manufacturer, was insured under a global commercial general liability program. AIG Japan ...

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