STORY FROM: Reinsurance & Arbitration
St. Paul Refutes R&Q’s Assertion of Prejudice Caused by Late Notice of Asbestos Losses
July 12, 2016
PHILADELPHIA — St. Paul Fire and Marine Insurance Co. has denied R&Q Reinsurance Co.’s allegations that it breached a reinsurance contract by failing to timely notify R&Q of $30 million in underlying asbestos losses, thereby relieving R&Q of paying St. Paul’s reinsurance billings.
In its July 8 answer filed in the U.S. District Court for the Eastern District of Pennsylvania, St. Paul also asserted several affirmative defenses, arguing in part that R&Q’s claims are barred by the terms of the reinsurance contract and that R&Q has failed to state a claim upon which relief can be granted.
On Dec. 1, ...
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