STORY FROM: Reinsurance & Arbitration
N.Y. Federal Judge Denies Cross-Motions for Summary Judgment in $3.2 Million Reinsurance Case
March 26, 2018
SYRACUSE, N.Y. — A New York federal judge has denied cross-motions for summary judgment in a dispute over whether Munich Reinsurance America Inc. is obligated to Utica Mutual Insurance Co. for more than $3.2 million in reinsurance proceeds for an underlying asbestos settlement.
On March 20, Judge Brenda K. Sannes of the U.S. District Court for the Northern District of New York also found questions of fact as to whether Munich Re is entitled to claw back $789,813 in reinsurance payments made to Utica.
In the 1970s, Utica sold primary and umbrella insurance policies to Goulds Pumps Inc. Utica and ...
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