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Reinsurer appeals 802.5 mln ruble award to ROSNO

17:13 26/08/2011

MOSCOW, August 26 - RAPSI, Alyona Yegorova. The Swiss Infrassure Ltd. reinsurance company has appealed a Moscow Commercial Court judgment awarding the ROSNO insurance company 802.5 million rubles in connection with an accident at the Sayano-Shushenskaya hydropower plant, the court told the Russian Legal Information Agency (RAPSI).

ROSNO insured RusHydros property, including the Sayano-Shushenskaya hydropower plant in 2008.

The insurer then reinsured its own risks in foreign companies. It entered into a reinsurance contract with Infrassure Ltd. in January 2009.

The Sayano-Shushenskaya hydropower plants collapse on August 17, 2009 claimed 75 lives, and shut down the plants operations. ROSNO acknowledged its liability for the accident in February 2010, and paid $199.95 million in compensation. In turn, ROSNO applied to Infrassure Ltd. for indemnification through its reinsurance policy. However, the reinsurer paid only $11.4 million out of the $34 million to be paid under the reinsurance contract.

ROSNO filed a lawsuit seeking 802.5 million rubles ($27.8 million) from Infrassure Ltd., including 684.134 million rubles for reinsurance payment, as well as expenses and interest.

The court held for ROSNO on July 15.

ROSNO was founded in 1991. Allianz New Europe Holding GMBH, Central and Eastern Europe division of world leading insurer Allianz SE, owns a controlling stake in ROSNO.

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Reinsurer appeals 802.5 mln ruble award to ROSNO

17:13 26/08/2011 The Swiss Infrassure Ltd. reinsurance company has appealed a Moscow Commercial Court judgment awarding the ROSNO insurance company 802.5 million rubles in connection with an accident at the Sayano-Shushenskaya hydropower plant
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