STORY FROM: Reinsurance & Arbitration

Travelers Drops Conn. Reinsurance Action Against Nationwide, National Casualty

HARTFORD, Conn. — Travelers Casualty Co. has agreed to dismissal of its action accusing two reinsurers of wrongly refusing to pay $836,670 for an underlying asbestos settlement, according to a recent filing in Connecticut federal court.

A stipulation of dismissal with prejudice was filed in the U.S. District Court for the District of Connecticut on July 11 by Travelers, Nationwide Mutual Insurance Co. and National Casualty Co.

Travelers issued a number of insurance policies to PPG Industries Inc. Certain of those policies also insured PPG's subsidiary, Pittsburgh Corning Corp. (PCC). In addition, during certain years, Travelers issued policies to PCC. ...

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