STORY FROM: Reinsurance & Arbitration
Settlement Conference Scheduled in $35 Million Reinsurance Dispute
March 31, 2017
UTICA, N.Y. — A New York federal judge has scheduled a settlement conference for May 23 in a reinsurance dispute between Fireman’s Fund Insurance Co. and Utica Mutual Insurance Co. concerning an underlying $325 million settlement of asbestos claims.
On March 27, Magistrate Judge Therese Wiley Dancks of the U.S. District Court for the Northern District of New York granted the parties’ request for a conference, which they filed after the court denied their cross-motions for summary judgment on issues of rescission and follow-the-fortunes.
From 1966 to 1972, Utica insured Goulds Pumps Inc. under primary and umbrella policies. The umbrella ...
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