Risk insurance and reinsurance solutions is currently pursuing legal action against R+V Re, a shareholder and business partner, for a premature breach of contract by R+V Re. Risk is currently involved in litigation with R+V Re in France, United Kingdom, Switzerland, United States, Italy, Lebanon, Saudi Arabia, and Egypt.
Risk insurance and reinsurance solutions is currently pursuing legal action against R+V Re, a shareholder and business partner, for a premature breach of contract by R+V Re. Risk is currently involved in litigation with R+V Re in France, United Kingdom, Switzerland, United States, Italy, Lebanon, Saudi Arabia, and Egypt.
Following the High Court judgment in England (Case No. 2003 Folio 413) that was found in favor of R+V Re, Risk is pleased to announce that it has received judicial permission to appeal the decision of the High Court. Risk is claiming, in accordance with an assessment from Price Waterhouse Coopers, more than £88.000.000 in damages (Case No. B6/2006/0413(A)).
Furthermore, Risk has recently presented the High Court in London with new evidence in the form of testimony from Mr. Wolfgang Kernbach , the key witness of R+V Re in the London proceedings. Mr. Wolfgang Kernbach has admitted in writing that he was promised 150,000 Euro by Dr. Hasse, General Counsel of R+V Re, in exchange for his witness statement and testimony. Criminal charges have been brought against Dr. Hasse (Case No. 2003 Folio 413).
In Switzerland, Risk has won its case against R+V Re and the resulting appeal in front of the Supreme Court (Case No. C/10842/2003 - C/7733/2003). They’re suing R+V Re for more than 17.5 million Swiss Francs in damages ( for Switzerland alone, damages sought by Risk are far more than the total amount R+V Re is claiming in front of the English Courts GBP 5 million).
In France, Risk has filed a suit against R+V Re in front of the Tribunal de Grande Instance of Paris (Case No. RG n° 2003/039499). Risk is claiming, in accordance with a Mazars assessment, more than €37.000.000 in damages.
Risk has rejected all offers of settlement presented by R+V Re. Risk anticipates victory with the lawsuits they’ve brought against R+V Re including in France and Italy. These law suits were brought about more or less the same time as the case in the United Kingdom, however, these jurisdictions are slower to reach judgments.
Background
Following the establishment of Risk UK, and the subsequent development of the various programs and businesses that were to run through Risk UK, Risk became the largest agent of R+V Re in the world. According to R+V Re themselves, Risk generated over 30% of their overall premium income. This business produced excellent results and R+V Re have accepted that this was profitable business for them. R+V Re also appear to accept that this business would have continued to be profitable in the future. R+V Re is a 30% shareholder in Risk UK. Despite this, and following a significant change of management at the highest levels in the R+V organization, R+V Re decided to terminate all contracts between Risk and R+V Re with immediate effect. This has resulted in a number of lawsuits around the world.
About Risk Insurance and Reinsurance Solutions
Risk is an international insurance and reinsurance risk management and consulting firm with offices located in key markets around the world. They are a fully integrated service operation, providing a variety of organizations with comprehensive insurance and reinsurance solutions and support for evaluating, allocating and controlling risk. Risk is privately owned and entirely independent.
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