STORY FROM: Reinsurance & Arbitration
Pa. High Court Won't Review $7.9 Million Reinsurance Judgment Against OneBeacon
August 13, 2018
HARRISBURG, Pa. — The Pennsylvania Supreme Court has refused to review an appellate court’s affirmation of a $7.9 million reinsurance judgment in an asbestos case, which obligates OneBeacon Insurance Co. to pay expenses in addition to the facultative certificate’s stated “Reinsurance Accepted” limits.
The state high court denied OneBeacon’s petition for certiorari on Aug. 9. The reinsurer sought to challenge the Pennsylvania Superior Court’s holding that the reinsurance certificate’s terms do not limit defense expenses to the “Reinsurance Accepted” amount.
Century Insurance Co.’s predecessor issued a liability policy to a subsidiary of Formosa Plastics Corp. — J-M Manufacturing Company Inc. ...