Munich Re Disclaims Liability for $9.25 Sexual Misconduct Settlement Against University of Michigan
September 22, 2021
FLINT, Mich. — Munich Reinsurance America Inc. has sued its cedent, Veritas Insurance Corp., seeking a declaration that it is not liable to reimburse the insurer for a $9.25 million settlement of sexual misconduct allegations filed against The University of Michigan.
In the Sept. 15 complaint, Munich Re says it is not bound by Veritas’s coverage determinations or a settlement or other adjustment of loss between Veritas and the university. In addition, the reinsurer says the university failed to provide Veritas with timely written notice of the claims.
Veritas Insurance Corp., the captive insurer for the Regents of The University …
- Bush Seyferth PLLC
- Clyde & Co. US LLP