New Lawsuit Accuses Swiss Re of Breaching Reinsurance Contract

NEW YORK — A New York federal lawsuit accuses Swiss Reinsurance America Corp. of breaching a reinsurance agreement by refusing to pay its share of a settlement of a coverage action between Duke Energy and TIG Insurance Co.’s predecessor.

In the Nov. 2 complaint filed in the U.S. District Court for the Southern District of New York, TIG and Associated Electric and Gas Insurance Services Limited contend that Swiss Re was fully apprised of the underlying litigation and settlement, and had every opportunity to participate in the settlement discussions.

In 2017, Duke Energy Carolinas LLC and Duke Energy Progress LLC …