Japanese Reinsurer Reaches Settlement in Security Dispute with Insurer
June 24, 2020
NEW YORK — A New York federal judge has dismissed a lawsuit accusing a Japanese insurer of breaching a security trust agreement by refusing to release nearly $20 million in assets from Takata Reinsurance Inc. (TKRI)’s operating account.
In a June 22 order, Judge J. Paul Oetken of the U.S. District Court for the Southern District of New York explained that TKRI and AIG General Insurance Company Ltd. (AIG Japan) have reached a settlement in principle.
From 2001 to 2015, Takata Corp., a Japanese automotive safety system manufacturer, was insured under a global commercial general liability program. AIG Japan …
- Baker & McKenzie