ANICO Not Liable for Retrocessional Claims Noticed After Expiration of ‘Sunset’ Deadline, N.J. Federal Judge Rules

TRENTON, N.J. — Upon reconsideration, a New Jersey federal judge has held that American National Insurance Co. (NASDAQ: ANAT) is not liable for claims filed by Munich Reinsurance Co. under a 2000 retrocessional agreement that were not noticed within seven years following the expiration of the contract.

On March 28, Judge Freda L. Wolfson of the U.S. District Court for the District of New Jersey found the contract provision requiring such notice operates as a condition precedent to payment. In addition, the judge found an issue of fact as to whether Munich provided proper notice of claims brought it filed …