Korean Re sues Axa, Allianz for $12.4 million

Reinsurer Korean Reinsurance Co. has sued Axa SA and Allianz SE in a U.K. court, and is seeking $12.4 million as part of the reinsurance contracts agreed with them for covering the Stellar Banner vessel that ran aground off the Brazilian coast in February 2020, The Korea Times reported. Meritz Fire & Marine Insurance Co. Ltd. signed a $96.4 million insurance deal with the vessel’s owner Polaris Shipping Co. Ltd. Meritz reinsured 83.8% of the policy with Korean Re, which in turn signed separate reinsurance deals with Axa and Allianz.

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