Reinsurers Will Pay $54 Million To Korean Cedent
December 9, 2008
LONDON - Certain London market reinsurers have agreed to pay a Korean national insurer about $54 million in reinsurance proceeds to settle a long-running dispute involving claims stemming from a 2005 North Korean helicopter crash. Korea National Insurance Corp. v. Allianz Global Corporate And Specialty AG, No.  EWHC 2829 (Eng. Comm., Queen's Bench Div.).
The reinsurers will pay 95 percent of a $57 million judgment rendered in favor of Korean National Insurance Corp. (KNIC) by a North Korean Court. The settlement resolves an enforcement action brought by KNIC in the English Commercial Court, Queen's Bench Division.
KNIC alleged …