STORY FROM: Reinsurance & Arbitration

Fireman’s Fund, Utica, Hold Settlement Conference in N.Y. Federal Reinsurance Action

UTICA, N.Y. — A settlement conference was held in a reinsurance dispute between Fireman’s Fund Insurance Co. and Utica Mutual Insurance Co. concerning an underlying $325 million settlement of asbestos claims asserted against Goulds Pumps Inc.

According to a docket entry, the May 23 conference — which did not result in a settlement — was conducted before Magistrate Judge Therese Wiley Dancks of the U.S. District Court for the Northern District of New York.

From 1966 to 1972, Utica insured Goulds under primary and umbrella policies. The umbrella policies were reinsured by FFIC and General Reinsurance Corp. Utica retained ...

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