Reinsurer Sues AXA, Allianz For $12.4M After Ship Grounded

Law360, London (March 19, 2021, 7:20 PM GMT) -- A South Korean reinsurance company is asking a London court to order Allianz and a unit of AXA to pay out a total of $12.4 million under shared risk policies after a ship was grounded off the coast of Brazil.

Korean Reinsurance Company said in a March 8 High Court claim just made public that the two insurers have breached a contract by refusing to indemnify it under two so-called retrocession reinsurance policies taken out in 2019. Both policies were supposed to reduce Korean Re's exposure if the ship, the Stellar Banner, suffered damage while at sea.

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