While SAP and Swiss Re recently spent a number of months discussing a mediation process, "those negotiations have broken down," SAP added.

In contrast, a number of other insurers, including AIG Europe, have made payments in full according to the policies SAP held with them, the complaint adds.

SAP is demanding "all amounts due" from Swiss Re as well as assorted damages and other costs.

Swiss Re's notice of removal doesn't directly address SAP's allegations. The company didn't immediately respond to a request for comment on Monday.

SAP's lawsuit is sure to spark some tensions between the two companies, which have a history outside the disputed insurance policy. In 2007, that Swiss RE would use SAP software to "to harmonize and consolidate its global human resources, finance and logistics processes."