AIG Sued by Guo Wengui-Tied Company for Apartment Fire Coverage

Genever Holdings LLC, the bankrupt company that owns exiled Chinese tycoon Guo Wengui’s 15-room Manhattan apartment, is seeking a payout from a $28 million insurance policy from AIG Property Casualty Co. to cover fire-damage losses.

The AIG unit’s insurance policy cancellation earlier this year amounts to a contract breach that jeopardizes the apartment lease and sale, according to Genever’s adversary complaint filed on May 12 with the US Bankruptcy Court for the District of Connecticut.

AIG cited “suspicious circumstances” related to the March fire, but that’s not a sufficient reason to cancel the policy, Genever’s filing said. Genever has said ...