STORY FROM: Reinsurance & Arbitration

Century, Travelers Settle $6.2 Million Dispute Involving Crane Co. Asbestos Claims

HARTFORD, Conn. — Century Indemnity Co. and Travelers Insurance Co. have resolved their $6.2 million reinsurance dispute involving a settlement of underlying asbestos claims, according to a recent filing in Connecticut federal court.

In a June 20 status report filed in the U.S. District Court for the District of Connecticut, the parties said they have executed a confidential settlement agreement and that Travelers expects to dismiss the action on June 23.

Travelers issued six excess policies to its Crane Co., a manufacturer and distributor of industrial equipment. The 1972-75 and 1975-78 excess policies were reinsured in part under facultative ...

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