ANICO Denied Summary Judgment on Rescission Claim in Retrocessional Dispute

TRENTON, N.J. — A New Jersey federal judge has denied American National Insurance Co. (NASDAQ: ANAT) summary judgment on its counterclaim for rescission in a retrocessional coverage dispute with Munich Reinsurance America Inc., finding questions of fact as to whether Munich should have disclosed its internal analysis of potential losses during contract negotiations.

In a Sept. 28 order, Judge Freda L. Wolfson of the U.S. District Court for the District of New Jersey also granted Munich summary judgment on ANICO’s claim that it may deny payment of certain claims based on untimely notice and on Munich’s assertion that its retention …