Munich Re Asserts Counterclaims Against Managing Agents, Sues Broker

HOUSTON - In response to a suit brought by the managing agents of two Lloyd's of London syndicates seeking payment of reinsurance proceeds, Munich Reinsurance America Inc. has brought counterclaims seeking nearly $700,000 in restitution and reformation of the reinsurance contracts. ACNL and LCCL Corporate Name Ltd., et al. v. Munich Reinsurance America Inc., No. 4:10-cv-03464 (S.D. Texas).

On Nov. 24, Munich Re also brought a third-party complaint in the U.S. District Court for the Southern District of Texas against reinsurance broker JLT Re (North America) Inc., alleging that JLT negligently misrepresented the terms of the reinsurance sought by the …