Allianz Settles $12.4M Reinsurance Claim Over Grounded Ship

By Najiyya Budaly (September 3, 2021, 1:01 PM BST) -- Allianz SE has settled a South Korean reinsurer's lawsuit that alleged the insurance company and an AXA subsidiary owe it a total of $12.4 million under shared risk policies after a ship was grounded off the coast of Brazil.

Judge Simon Bryan has stayed the High Court claim filed by Korean Reinsurance Company, which alleges that Allianz breached a contract by refusing to indemnify it under so-called retrocession reinsurance policies taken out in 2019.

The reinsurer and Allianz have reached a settlement agreement, according to the consent order dated Aug. 24, which has just been made public.

"All further proceedings in...

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