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.

The owners and charters...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!