Insurers Say Swiss Re Breached Reinsurance Certificate’s ‘Follow the Settlements’ Provision

=NEW YORK — Two insurers have moved for summary judgment in their lawsuit accusing Swiss Reinsurance America Corp. of breaching a reinsurance contract by refusing to pay toward their settlement of an underlying coverage action filed by Duke Energy.

In a March 29 motion filed in the U.S. District Court for the Southern District of New York, TIG Insurance Co. and Associated Electric and Gas Insurance Services Limited (AEGIS) argue that Swiss Re breached the reinsurance certificate’s follow the settlements provision; therefore, they are entitled to summary judgment on their breach of contract claim.

In 2017, Duke Energy Carolinas LLC …