GuideOne Says it Properly Served Chinese Reinsurers Iowa Federal Complaint

DES MOINES, Iowa — Two insurers are urging an Iowa federal judge to refuse to dismiss a lawsuit accusing their Chinese reinsurers of breaching several facultative reinsurance agreements by refusing to pay claims, arguing that the complaint was properly served by their agent.

In a June 26 brief filed in the U.S. District Court for the Southern District of Iowa, GuideOne Insurance Co. and GuideOne National Insurance Co. contend that their service on the appointed agent for defendants PICC Property and Casualty Co. Ltd., Shenzhen Branch, and PICC Property and Casualty Company Co. Ltd. “was lawful, effective and binding.”

In …