26 May 2013

AWAC in $19mn facultative dispute

20 July 2012

Allied World Assurance Company (AWAC) has launched a $19mn lawsuit in New York against Hannover Re , claiming breach of payment in relation to two facultative reinsurance contracts.

The 2 July filing in the US Southern District Court of New York accuses the German reinsurer of failing to compensate AWAC for claims from two property policies taken out in 2009 and 2010.

In early 2009 AWAC entered into a producer agreement for insuring apartment complexes with Southwest Risk (SWR).

One...

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