Norwegian Insurer Loses £6.9M Arbitration With Munich RE
Law360, London (July 11, 2019, 4:31 PM BST) -- Norway’s Protector Forsikring insurance group has reported that it lost a dispute with reinsurer Munich Re over claims related to the 2017 Grenfell Tower fire in London, saddling it with damages of £6.9 million ($8.65 million).
In a filing with the Oslo stock exchange last week, Protector Forsikring ASA said an arbitration panel dismissed its claim that a reinsurance contract with Munich Reinsurance Co. should cover some property losses caused by the blaze that engulfed the high-rise apartment building. The company did not disclose where the arbitration hearing was held.
Protector said it had not put aside any reserves for this outcome...
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