Cedent Says Munich Re On the Hook for $9.25 Million Sexual Misconduct Settlement
October 13, 2021
FLINT, Mich. — Veritas Insurance Co. has refuted Munich Reinsurance America Inc.’s claims that it is not obligated to pay for a $9.25 million settlement of sexual misconduct allegations filed against The University of Michigan.
In an answer filed in the U.S. District Court for the Eastern District of Michigan on Oct. 12, Veritas Insurance Co. has also asserted various affirmative defenses, including failure to state a claim, waiver, estoppel, unclean hands, and laches. In addition, Veritas says Munich Re’s claims are barred by its breach of the reinsurance certificate and its failure to perform its obligations thereunder.
In the …
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