COURT AMENDS OPINION AND ORDER TO ADD PAYABLE CLAIM UNDER RETROCESSION AGREEMENTS
A federal district court has amended its opinion and order that held in favor of cedent Munich Re on its breach of contract action against American National Insurance Company to add a covered insurance claim to the list of claims previously deemed properly ceded to ANICO and payable to Munich Re under the parties’ retrocession agreements. In that opinion and order, reported here on March 10, 2014, the court rejected all of ANICO’s claims as to rescission of those agreements and held that Munich Re was entitled to contractual damages in the form of payment on all claims that the court found were properly ceded. The court granted Munich Re’s unopposed motion to amend that opinion and order to include a claim that, by clerical oversight, was previously omitted. Munich Reinsurance America, Inc. v. American National Insurance Co., Case No. 09-6435 (USDC D.N.J. Mar. 25, 2014).
This post written by Renee Schimkat.
