R&Q Seeks Rescission of Reinsurance Certificates, Says Allianz Failed to Disclose Asbestos Liabilities

NEW YORK — In a new complaint, R&Q Reinsurance Co. seeks rescission of two facultative certificates issued to Allianz Insurance Co., asserting that at the time the certificates were issued Allianz knew, but failed to disclose, that the reinsured risk included asbestos liabilities.

R&Q further alleges that Allianz billed, and R&Q paid, $89,173.61 in excess of the certificates’ limits and that it is entitled to recover this sum.

R&Q originally filed the complaint in the New York County Supreme Court on Dec. 5, 2104. Allianz removed the action to federal court on Feb. 2.

Allianz Insurance Co. issued umbrella insurance …