Lloyd's Agents Sue Munich Re for Reinsurance Proceeds

HOUSTON - The managing agents of two Lloyd's of London syndicates have sued Munich Reinsurance America Inc. for the payment of reinsurance proceeds to cover underlying property insurance claims. ACNL and LCCL Corporate Name Ltd., et al. v. Munich Reinsurance America Inc., No. 4:10-cv-03464 (S.D. Texas).

In a suit filed Sept. 24 in the U.S. District Court for the Southern District of Texas, the managing agents assert that the $8 million reinsurance retention has been exceeded and the reinsurance has therefore been triggered.

According to the suit, Munich Re issued a facultative reinsurance certificate to managing agents Ascot Corporate Name …