STORY FROM: Reinsurance & Arbitration

Allstate Counterclaims Against Travelers in $1.25 Million Reinsurance Action

BRIDGEPORT, Conn. - Allstate Insurance Co. is seeking a ruling from a Connecticut federal judge that it owes nothing to Travelers Casualty and Surety Co. under a series of reinsurance treaties for an underlying asbestos settlement, arguing that Travelers' cession of the claims to the treaties was improper.

In a Feb. 20 answer filed in the U.S. District Court for the District of Connecticut, Allstate argued that the multitude of the claims do not constitute one single loss under the terms of the reinsurance treaties. The reinsurer further maintains that Travelers breached the treaties' "access to records" clause by refusing ...

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