STORY FROM: Reinsurance & Arbitration
Utica Moves for Summary Judgment on Allocation Issue in Reinsurance Dispute with Munich Re
May 24, 2017
UTICA, N.Y. — Utica Mutual Insurance Co. has moved for summary judgment in its $3.2 million dispute with Munich Reinsurance America Inc., arguing that the follow-the-fortunes doctrine bars the reinsurer from challenging Utica’s allocation of an underlying asbestos settlement.
In its May 22 motion, filed in the U.S. District Court for the Northern District of New York, Utica further argues that that Munich Re agreed to cover a share of Utica’s expense payments, even if the umbrella policies did not require Utica to pay expense.
In the 1970s, Utica sold primary and umbrella insurance policies to Goulds Pumps Inc. Utica ...
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Hunton & Williams
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