STORY FROM: Reinsurance & Arbitration
N.Y. Jury Awards Utica $64 Million, Finds Fireman's Fund Liable Under Reinsurance Contracts
December 15, 2017
UTICA, N.Y. — A New York federal jury has awarded Utica Mutual Insurance Co. more than $64 million after finding that Fireman’s Fund Insurance Co. (FFIC) is liable under seven reinsurance agreements for sums Utica paid to Goulds Pumps in an asbestos claims settlement.
On Dec. 15, the jury, sitting in the U.S. District Court for the Northern District of New York, awarded Utica $35 million, plus $29,092,191.78 in interest, calculated from Sept. 22, 2008, at the statutory rate of 9 percent, for a total judgment of $64,092,191.78.
Following the verdict, Judge David Hurd denied FFIC’s counterclaims for intentional and ...
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