STORY FROM: Reinsurance & Arbitration
Century Denies Liability to TIG for $1.33 Million Honeywell Settlement
October 10, 2008
NEW YORK - Century Indemnity Co. says it is not liable to its cedent, TIG Insurance Co., for $1.33 million in reinsurance proceeds for an underlying settlement of asbestos claims brought against Honeywell International's predecessor. TIG Insurance Co. v. Century Indemnity Co., No. 08-7322 (S.D. N.Y.).
TIG seeks a declaration from the U.S. District Court for the Southern District of New York that Century is obligated to reimburse TIG for the 2007 settlement payment to Honeywell, plus future payments made by TIG under the settlement agreement.
In its Sept. 16 answer, Century asserted 18 affirmative defenses, based on follow-the-fortunes, ...