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Lufthansa near to arbitration for record claim.
(From Lloyds List)
Byline: Herbert Fromme and Anja Kr'ger in Cologne
LUFTHANSA is close to winning an arbitration award for part of the largest directors and officers insurance claim ever filed in Germany.
According to industry sources, the arbitrator ruled in favour of the airline in a dispute over the first layer of the cover, which runs up to €150m. Arbitration for the second layer, which covers the € 100m over the €150m, is still in progress.
The D'O market is, with an estimated € 300m premium income annually, a rather small line for German insurers but it seems that it can produce spectacular losses. Last year, insurers had to pay out $200m which DaimlerChrysler had paid to annoyed Chrysler shareholders who felt duped by Daimler's CEO J'rgen Schrempp in the merger of the two automakers. Sources estimate that German insurers' payouts and loss reserve strengthenings will amount to €2bn for the two years 2003 and 2004 alone.
Gerling and the German operations of US insurers AIG, Chubb and Ace will have to pay Lufthansa for the first layer. Gerling and AIG ...
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