Insurers Fight To Bulk Up Defense In £35M ABN Amro Case

Law360, London (September 4, 2020, 8:19 PM BST) -- Underwriters fighting claims that they unlawfully refused to cover £35 million ($46 million) in losses suffered by an ABN Amro Bank subsidiary in a commodities deal that went bust urged a London judge Friday to let them bolster their defense.

The 14 underwriters, which include Royal & Sun Alliance PLC, reinsurance giant Swiss Re Ltd. and several Lloyd's of London syndicates, have denied ABN Amro's claim that it is entitled to payouts under a marine cargo insurance policy taken out by the subsidiary, Icestar BV.

On Friday, the underwriters' counsel argued they should be allowed to amend their defense to assert...

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