Allianz Fights Reinsurance Claim Over Grounded Ship

Law360, London (April 8, 2021, 1:01 PM BST) -- Allianz SE is contesting a Korean reinsurer's suit as the German insurer seeks to claim part of a $12.4 million alleged debt under risk policies shared with a subsidiary of AXA Insurance, after a ship ran aground off the Brazilian coast.

Allianz said in a defense filed with the High Court on Tuesday that it should not have to pay for the repair of the Stellar Banner, an ore carrier that ran into trouble at sea and had to be re-floated and repaired.

Korea Re argued in its lawsuit filed on March 8 that Allianz is on the hook for covering 8%...

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