STORY FROM: Reinsurance & Arbitration
National Union Urges N.Y. Judge to Send $901,143 Reinsurance Dispute to Arbitration
July 19, 2018
NEW YORK — National Union Fire Insurance Company of Pittsburgh is urging a New York federal judge to require two reinsurers to submit to an arbitration in which it seeks reimbursement for an underlying settlement of asbestos claims asserted against PPG Industries Inc.
National Union maintains in its July 16 answer that the claims are subject to mandatory arbitration under the terms of the reinsurance contracts. National Union has also filed breach of contract counterclaims against Continental Insurance Company of New Jersey and National Indemnity Co. (NICO), seeking $901,142.67.
In its May 29 complaint, Continental and NICO seek a declaration ...
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