Lamorak, Everest Re Settle Mass. Federal Action Involving Allocation of Asbestos Losses

BOSTON — Lamorak Insurance Co. and Everest Reinsurance Co. have settled their dispute involving Lamorak’s allocation of asbestos losses to certain reinsurance certificates, according to a recent court filing.

On Dec. 15, the parties filed a stipulation of dismissal with prejudice with Judge Indira Talwani of the U.S. District Court for the District of Massachusetts. The parties each waived right of appeal and rights pursuant to Federal Rule of Procedure 60.

Lamorak issued Aluminum Company of America (ALCOA) two liability policies that were in effect from 1978 to 1981, and 1981 to 1986, respectively.

In turn, Lamorak entered into six …