WILLIS REACHES SUBSTANTIAL SETTLEMENT OF PERSONAL ACCIDENT REINSURANCE DISPUTE
Willis Group Holdings Limited has filed a Form 8-K with the Securities and Exchange Commission describing the settlement reached by one of its subsidiaries, Willis Limited, with American Reliable Insurance Company and Assurant General Insurance Limited (“the Assurant companies”). The settlement pertains to personal accident reinsurance placed with and on behalf of the Assurant companies in the excess of loss market in London and elsewhere. Willis acted as the reinsurance broker for the transactions, which led to the Assurant companies suing Willis in the UK Commercial Court in London, alleging irregularities in Willis' placement of reinsurance. Under the settlement, Willis will pay the Assurant companies a total of $139 million.
This post written by Rollie Goss.
