Swiss Re Denies Breach of Contract Allegations, Asserts Affirmative Defenses

NEW YORK — Swiss Reinsurance America Corp. has denied allegations that it breached a reinsurance contract by refusing to pay toward the settlement of an action between Duke Energy and two insurers, and has asserted affirmative defenses for failure to state a claim, invalid assignment, and release.

In the Feb. 7 filing in the U.S. District Court for the Southern District of New York, Swiss Re argues that plaintiff TIG Insurance Co.’s predecessor, Ranger Insurance Co., has no claim under the reinsurance certificates because it did not pay any part of the settlement.

In addition, Swiss Re asserts that plaintiff …