Am Re sues GIC Re for $115mn over payment breach
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Am Re sues GIC Re for $115mn over payment breach

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Specialty (re)insurance agency Am Re Syndicate has sued Indian carrier General Insurance Corporation (GIC Re) for $115mn, over a breach of obligations to pay “hundreds of millions of dollars" on business that Am Re underwrote and negotiated on behalf of GIC Re as its agent.

According to court documents reviewed by Inside P&C, Am Re claims that it “expended significant effort to source, underwrite and negotiate a portfolio of reinsurance agreements on GIC Re’s behalf for 2022,” but that the Indian carrier terminated the...

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