Munich Re Says It Does Not Owe Continental $4.7 Million in Allocated Loss, DJ Expenses

NEW YORK — In response to Continental Insurance Co.’s demand for $4.7 million in allocated loss and declaratory judgment expenses, Munich Reinsurance America Inc. asserts that it has paid the full sum for which it is obligated under the parties’ facultative reinsurance certificate.

In its Oct. 7 answer filed in the U.S. District Court for the Southern District of New York, Munich Re asserts that Continental’s claims are barred.

Continental maintains in its June 8 complaint that Munich Re has waived its argument that its obligation to pay such expenses is capped under the reinsurance certificate at issue.

Continental provided …