STORY FROM: Reinsurance & Arbitration
Ala. Municipal Insurer Sues Munich Re for $1.9 Million in Reinsurance Proceeds
May 12, 2020
MONTGOMERY, Ala. — Alabama Municipal Insurance Corp. has sued Munich Reinsurance America Inc., demanding $1.9 million in reinsurance coverage for five underlying lawsuits filed against four Alabama towns.
In a May 1 complaint filed in the U.S. District Court for the Middle District of Alabama, AMIC contends that Munich Re breached the parties’ reinsurance treaties by refusing to pay the claims.
AMIC is a non-profit public insurer that provides Alabama municipalities with insurance coverage. AMIC and Munich Re entered into a “Casualty Excess of Loss Reinsurance Agreement,” pursuant to which Munich Re reinsured certain of the AMIC policies.
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