STORY FROM: Reinsurance & Arbitration

Travelers Settles $1.65 Million Connecticut Action Against 6 Reinsurers

HARTFORD, Conn. — Travelers Casualty and Surety Co. has settled an action in which it accused six reinsurers of breaching two reinsurance certificates by failing to pay $1.65 million for an underlying settlement of environmental claims.

According to an April 8 filing in the U.S. District Court for the District of Connecticut, the parties agreed to dismissal of the action with prejudice and without costs or attorneys’ fees to any party.

Travelers issued an umbrella policy to United Nuclear Corp., a company engaged in mining and other activities. A number of entities asserted environmental loss or damage claims against United ...

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