Reinsurer SCOR has asked that the recent $2 billion settlement of World Trade Center claims between Silverstein Properties and several insurers be sent to arbitration because it believes that the terms with one of the insurers, Allianz Global Risks U.S. Insurance, do “not respect the terms and conditions of the Certificate of Reinsurance between SCOR and Allianz.”
SCOR is a reinsurer of Allianz Global Risks U.S. Insurance on the Silverstein property and casualty insurance policy.
SCOR reported that it has informed Allianz that this settlement “exceeds the contractual requirements and contains ex gratia elements.”
Under the terms of the clause set out in the Certificate of Reinsurance, SCOR has requested that this case be referred to arbitration.
Source: SCOR
Topics Claims Reinsurance
Was this article valuable?
Here are more articles you may enjoy.
Private Credit Investors Clash Over £36 Billion BHP Dam Collapse Litigation 
UnitedHealth Sells Interest in Florida WellMed Clinics to TPG 
Brightline Lands $350 Million Assured Loan in Case of Bankruptcy 
OpenAI Top Scientist Urges ‘Extreme Caution’ With Pace of AI 
