Chinese Reinsurers Refute Claims in Reinsurance Action, Say They Paid Claims

DES MOINES, Iowa — Two Chinese reinsurers accused of breaching several facultative reinsurance agreements assert that they issued payment on multiple claims filed by GuideOne Insurance Co., and that the insurer failed to pay its reinsurance premiums.

In a Sept. 20 answer filed before Judge Rebecca Ebinger of the U.S. District Court for the Southern District of Iowa, PICC Property and Casualty Co. Ltd., Shenzhen Branch, and PICC Property and Casualty Company Co. Ltd. further contend that GuideOne has failed to substantiate its claims against the reinsurers.

In addition, the reinsurers contend that they have attempted to investigate the claims, …