OneBeacon Demands $947,927 From Allied World

PHILADELPHIA - OneBeacon Insurance Co. has filed a suit in Pennsylvania federal court against Allied World Insurance Company Ltd., seeking $947,927 in proceeds under a property reinsurance contract. OneBeacon Insurance Co. v. Allied World Insurance Company Ltd., No. 08-05846 (E.D. Pa.).

OneBeacon filed the complaint on Dec. 16 in the U.S. District Court for the Eastern District of Pennsylvania.

According to the filing, AWIC issued OneBeacon a property reinsurance contract in March 2005. The contract, which was in force until May 2006, was written with layers of reinsurance assumed by various reinsurers, with AWAC assuming a 20 percent share of …