Pennsylvania officials have asked a state court to dismiss a case brought against it by American Re, according to a Reuters News Service report. The case involves a dispute with links to Holocaust-era claims, a spokeswoman for the state insurance commissioner told Reuters on Monday.
American Re, the U.S. subsidiary of German reinsurance giant Munich Re, brought the case in an effort to force the state insurance commissioner to make a decision on its bid to acquire United National Group, a Pennsylvania-based insurer with $500 million in assets.
State Insurance Commissioner Diane Koken delayed action on the purchase while seeking information from Munich Re about whether one of its affiliates had paid all of the policies purchased by Holocaust families. She never received the information she was seeking. On Friday, the commission asked the Pennsylvania Supreme Court to dismiss the case, saying it had become moot because United National walked away from the deal Aug. 11, citing lengthy approval processes and changing market conditions.
Koken serves on the International Commission of Holocaust-era Insurance Claims, which is auditing Europe’s for possibly preventing Holocaust survivors from collecting on prewar policies.
Topics Pennsylvania
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