Swiss Re May Not Rescind Weyerhaeuser Reinsurance Policies, Canadian Judge Rules

VANCOUVER, Canada — A Canadian justice has denied Swiss Reinsurance Co.’s bid to rescind five reinsurance policies issued to Weyerhaeuser Company Ltd.’s captive reinsurer, ruling that Weyerhaeuser and the captive did not misrepresent or withhold information concerning claims arising from defective roofing tiles manufactured by a subsidiary. Swiss Reinsurance Company v. Camarin Ltd., No. 2012 1006 (British Columbia Sup. Ct.).

On July 9, Justice Grant D. Burnyeat of the British Columbia Supreme Court found that the captive and Weyerhaeuser believed in good faith that the claims were warranty claims and were not covered by Weyerhaeuser’s insurance liability program.

AIG Assurance …