Parties Reach Settlement in Calif. Federal Construction Defects Reinsurance Action

SACRAMENTO — Munich Reinsurance America Inc. and General Reinsurance Corp. have settled a lawsuit filed in California federal court by a self-insured risk pool demanding reinsurance coverage for an underlying construction defects lawsuit.

A joint notice of settlement was filed on Nov. 23 before Judge Troy L. Nunley of the U.S. District Court for the Eastern District of California.

The Special District Risk Management Authority (SDRMA) insures the Transbay Joint Powers Authority. SDRMA settled claims against the Authority for claims arising from the differential settling of the Millennium Tower in San Francisco allegedly caused during construction of the Transbay Terminal …