Insurers Hit Chinese Reinsurers with Amended Complaint in Iowa Federal Court

DES MOINES, Iowa — Two Insurers have filed an amended complaint against China-based reinsurance entities in Iowa federal court, accusing it of breaching several facultative reinsurance agreements by refusing to pay claims filed under the contract.

In a Feb. 13 pleading filed in the U.S. District Court for the Southern District of Iowa, GuideOne Insurance Co. and GuideOne National Insurance Co. accuse PICC Property and Casualty Co. Ltd., Shenzhen Branch, and PICC Property and Casualty Company Co. Ltd. of refusing to pay certain reinsurance claims, including those related to losses the insurers paid under policies issued to “several large domestic …