Lexington Seeks $7M From Reinsurer For 9/11 Coverage

Law360, New York (January 21, 2011, 3:30 PM EST) -- Lexington Insurance Co. has gone after Tokio Marine & Nichido Fire Insurance Co. Ltd. to recoup $7.4 million Lexington paid under a settlement with the Port Authority of New York and New Jersey over damage from the World Trade Center attacks.

The complaint, filed Wednesday in the U.S. District Court for the Southern District of New York, alleges Tokio Marine has acted in bad faith by reneging on a fronting arrangement with Lexington and withholding reinsurance on Lexington’s excess coverage for Port Authority.

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