STORY FROM: Reinsurance
Travelers Demands Reimbursement from Excalibur for Zurn Asbestos Claims
May 28, 2013
HARTFORD, Conn. — Travelers Casualty Insurance Co. (NYSE: TRV) has sued Excalibur Reinsurance Corp. for $112,411 in reinsurance for the settlement of underlying asbestos claims brought against Zurn Industries Inc.
In a May 24 complaint filed in the U.S. District Court for the District of Connecticut, Travelers accuses Excalibur of breaching the parties’ facultative reinsurance contracts.
According to the complaint, Travelers issued an insurance policy to Zurn. Through its participation in the Johnson & Higgins Willis Faber Syndicate A at the New York Insurance Exchange, Excalibur reinsured the policies under three facultative certificates in effect from April 1, 1984, to ...
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