Munich Re Awarded Summary Judgment in $1 Million Reinsurance Action

TAMPA, Fla. — A Florida federal judge has awarded summary judgment to Munich Reinsurance America Inc., relieving it of having to pay $1 million in reinsurance proceeds to a risk management pool for settlement of an underlying lawsuit against the City of St. Pete Beach.

On April 27, Judge Mary S. Scriven of the U.S. District Court for the Middle District of Florida adopted a magistrate judge’s finding that that the City’s wrongful acts date back to 2005, therefore coverage under the pool’s underlying Coverage Document and the Reinsurance Agreement was not triggered.

Public Risk Management Pool is a self-insured …