Munich Re, OneBeacon Settle $1.6 Million Reinsurance Action

BOSTON — Munich Reinsurance America Inc. has settled a suit filed against it by OneBeacon America Insurance Co. (NYSE: OB) seeking $1.6 million in reinsurance for the settlement of pollution claims against Viacom Inc. (NASDAQ: VIAB).

On Dec. 12, Munich and OneBeacon filed a stipulation without prejudice in the U.S. District Court for the District of Massachusetts.

According to the complaint, OneBeacon's predecessor, Employers' Liability Assurance Corp., issued three primary policies and one excess policy to New Jersey Zinc Co., a zinc processor, which were in effect between January 1959 and January 1968. The excess policy was allegedly reinsured …