STORY FROM: Reinsurance & Arbitration
Pa. Appeals Court Upholds $7.9 Million Reinsurance Judgment Against OneBeacon Insurance Co.
October 19, 2017
PHILADELPHIA — A Pennsylvania appellate court has upheld a $7.9 million reinsurance judgment in favor of two cedents in an asbestos coverage dispute, finding the facultative certificates issued by OneBeacon Insurance Co. obligated the reinsurer to pay expenses in addition to the stated “Reinsurance Accepted” limits.
In an Oct. 17 opinion, the Pennsylvania Superior Court panel, led by Judge Paula F. Ott, agreed with the trial court that the certificate language does not limit defense expenses to the ‘Reinsurance Accepted’ amount.
Century Insurance Co.’s predecessor issued a liability policy to a subsidiary of Formosa Plastics Corp. — J-M Manufacturing Company ...
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