STORY FROM: Reinsurance & Arbitration

Utica Mutual Says Evidence Supported $64 Million Reinsurance Verdict

UTICA, N.Y. — In response to Fireman’s Fund Insurance Co.’s efforts to overturn a $64 million verdict, Utica Mutual Insurance Co. says the evidence supported the jury’s finding that the follow-the-fortunes doctrine obligated FFIC to fund Utica’s asbestos claims settlement with Goulds Pumps.

In a Jan. 15 response to FFIC’s motion for judgment as a matter of law or a new trial, Utica maintains that it presented substantial evidence that its settlement with Goulds was reasonable and, as such, FFIC cannot question its settlement decisions. The brief was filed in the U.S. District Court for the Northern District of New ...

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