Insurance Q&A

March 28, 2013

Allianz disputes lawsuit alleging liability for another insurer’s failure | Business Insurance

Filed under: Uncategorized — rrroark @ 6:20 pm

Allianz S.E. on Thursday said it will vigorously push back against a lawsuit filed last week in Florida that asserts the company is responsible for the demise of Magnolia Insurance Co.

“These claims are wholly unfounded,” said Hugo Kidston, global head of communications for Allianz Global Corporate & Specialty. “Allianz will robustly defend itself.”

The lawsuit, brought on behalf of the Florida Department of Financial Services, alleges that a $23.8 million loan made in 2008 to Magnolia’s parent company, Irl Financial Group Inc., by New York-based Allianz Risk Transfer, as well as fees and payments resulting from a subsequent managing general agency agreement and other service agreements signed by subsidiaries of both firms, were the cause of Magnolia’s demise.

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via Allianz disputes lawsuit alleging liability for another insurer's failure | Business Insurance.

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