N.J. Federal Judge Awards Munich Re $175,853 in Prejudgment Interest

TRENTON, N.J. - A New Jersey federal judge has awarded Munich Reinsurance America Inc. $168,093.61 in prejudgment interest on past-due sums that were eventually paid by Tower Insurance Company of New York under certain reinsurance agreements. Munich Reinsurance America Inc. v. Tower Insurance Co., No. 09-2598 (D. N.J.).

On March 26, Judge Freda L. Wolfson ruled that the interest should be calculated from the date Munich filed the reinsurance coverage action against Tower.

This case arises out of multiple reinsurance agreements between Munich and Tower, under which the parties agreed to indemnify each other against all or a portion of …