Swiss Re

Cleveland, OH: (Feb-20-07) KeyCorp filed a lawsuit against insurer Swiss Re in 2000 in US District Court in Cleveland. The lawsuit questioned whether Swiss Re was obligated to cover losses incurred by KeyCorp in its car leasing business. The Cleveland-based bank leased out about 160,000 cars between 1997 and 2000 through its Key Auto Finance division. KeyCorp insured the residual value of its cars through Reliance Insurance. Swiss Re served as a backup if Reliance was unable to cover KeyCorp's losses. KeyCorp claimed losses on about 80,000 cars and Reliance liquidated. Swiss Re denied authorizing policy with KeyCorp leading to the lawsuit, in which Swiss Re was ordered to pay $279 million to KeyCorp, ending the six-year ordeal. [PLAIN DEALER METRO NEWS: SWISS RE SETTLEMENT]

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