DEAL OF THE CENTURY (INDEMNITY COMPANY): REINSURANCE DISPUTE SETTLED
Century Indemnity Company has settled and voluntarily dismissed its lawsuit against Munich Re. Century’s complaint alleged that Munich Re failed to pay amounts due under several facultative reinsurance certificates through which it reinsured Century. Specifically, Munich Re agreed to indemnify Century’s predecessor in interest, Insurance Company of North America, for payments made pursuant to various insurance policies covering asbestos losses. Century sought nearly $2.26 million in unpaid reinsurance billings. As part of the settlement, Century dismissed that portion of its complaint seeking a declaratory judgment that Munich Re was obligated to pay all future billings. Century Indemnity Co. v. Munich Reinsurance Am., Inc., Case No. 2:08-CV-5666-LDD (USDC E.D. Pa. May 22, 2009).
This post written by Brian Perryman.
