Munich Re Demands $4.3 Million Under Retrocessional Contracts

TRENTON, N.J. - In a newly filed suit, Munich Reinsurance America Inc. is demanding $4.3 million in retrocessional proceeds from American National Insurance Co. Munich Reinsurance America Inc. v. American National Insurance Co., No. 09-cv-06435 (D. N.J.).

The Dec. 22 complaint, filed in the U.S. District Court for the District of New Jersey, asserts that American National is obligated to reimburse Munich Re for losses it sustained pursuant to an underlying reinsurance contract issued to Everest National Insurance Co.

According to the suit, from Nov. 1, 2000, until Dec. 31, 2001, Munich Re was party to two consecutive workers' compensation …