STORY FROM: Reinsurance & Arbitration
Associated International Refutes Allegations That it Owes $126,61 in Reinsurance Proceeds
February 9, 2016
LOS ANGELES — Associated International Insurance Co. has denied Transport Insurance Co.’s allegations that it owes $126,161 in reinsurance proceeds, plus interest, for underlying losses sustained by Transport’s policyholders, including Dynelectron Corp., Mine Safety Appliances Co. and Ingersoll-Rand.
In a Feb. 5 answer filed in the U.S. District Court for the Central District of California, Associated has also asserted several affirmative defenses, including breach of contract, failure to mitigate damages, and failure to meet conditions precedent.
Transport’s predecessor, Transport Indemnity Co., was reinsured under various facultative reinsurance certificates issued by Associated in the 1970s and early 1980s. The certificates were ...
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