Reinsurers Will Pay $54 Million To Korean Cedent

LONDON - Certain London market reinsurers have agreed to pay a Korean national insurer about $54 million in reinsurance proceeds to settle a long-running dispute involving claims stemming from a 2005 North Korean helicopter crash. Korea National Insurance Corp. v. Allianz Global Corporate And Specialty AG, No. [2008] EWHC 2829 (Eng. Comm., Queen's Bench Div.).

The reinsurers will pay 95 percent of a $57 million judgment rendered in favor of Korean National Insurance Corp. (KNIC) by a North Korean Court. The settlement resolves an enforcement action brought by KNIC in the English Commercial Court, Queen's Bench Division.

KNIC alleged …