Insurers Sue PICC in Iowa Federal Court Over Refusal to Pay Reinsurance Claims

DES MOINES, Iowa — Two insurers have sued PICC Property and Casualty Co. in Iowa federal court, accusing it of breaching several facultative reinsurance agreements by refusing to pay claims filed under the contract.

In a Dec. 6 complaint filed in the U.S. District Court for the Southern District of Iowa, GuideOne Insurance Co. and GuideOne National Insurance Co. say PICC has failed or declined to pay certain reinsurance claims, including those related to losses the insurers paid under policies issued to “several large domestic and multinational” corporations.

In October 2020, GuideOne affiliate Career General Agency LLC (CGA) and PICC …