STORY FROM: Reinsurance & Arbitration
The American Insurance Sues R&Q for $1.5 Million in Reinsurance for Underlying Asbestos Settlement
June 8, 2016
SAN FRANCISCO — The American Insurance Co. has sued R&Q Reinsurance Corp. in California federal court, seeking payment of $1.5 million in reinsurance proceeds for an underlying asbestos settlement.
In a June 6 complaint filed in the U.S. District Court for the Northern District of California, TAIC asserts that R&Q is liable for the billings under a series of facultative contracts covering excess policies issued to General Motors Corp.
According to the lawsuit, TAIC insured GM under several excess liability policies in effect from October 1976 through September 1985. Those policies were allegedly reinsured under 11 facultative contracts issued by ...
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