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Bank of America settles for $17.85m in weather derivatives lawsuit

Awards 2004

    • Risk Staff

Diamond State Insurance, a unit of Cayman Islands-domiciled United National Group, has agreed to pay Bank of America (BoA) $17.85 million to settle the bank’s claims under a series of weather derivatives policies written through the now-defunct Customized Worldwide Weather Insurance Agency (CWWIA).

The payment resolves litigation, which has been pending in the US District Court for the Southern District of New York since 2000, brought by the bank and Platinum Indemnity, a Bermuda

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