STORY FROM: Reinsurance & Arbitration
Travelers Sues Allstate For Refusing to Pay $1.25 Million Reinsurance Billing
January 17, 2018
HARTFORD, Conn. — Travelers Casualty and Surety Co. has accused Allstate Insurance Co. of breaching a series of reinsurance treaties by refusing to pay a $1.25 million reinsurance billing arising from Travelers’ settlement of asbestos claims filed against PPG Industries Inc.
In a Dec. 22 complaint filed in the U.S. District Court for the District of Connecticut, Travelers argues that the reinsurance treaties bar Allstate from questioning Travelers’ settlements with its policyholders.
Travelers issued a number of insurance policies to PPG, formerly Pittsburgh Plate Glass Co. Certain of those policies also insured PPG’s subsidiary, Pittsburgh Corning Corp. In addition, during ...
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