STORY FROM: Reinsurance & Arbitration
Transport, Associated International, Settle $126,161 Reinsurance Action
August 3, 2016
LOS ANGELES — Transport Insurance Co. and Associated International Insurance Co. have settled a $126,161 reinsurance dispute involving underlying losses sustained by Transport’s policyholders, including Dynelectron Corp., Mine Safety Appliances Co. and Ingersoll-Rand.
On July 25, Judge Beverly R. O’Connell of the U.S. District Court for the Central District of California dismissed the action with prejudice, following the parties’ stipulation of dismissal.
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 comprised of a standard two-sided form, which had the declarations on the front side ...
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