STORY FROM: Reinsurance & Arbitration
Travelers Drops $1.25 Million Reinsurance Action Against Allstate
August 16, 2018
HARTFORD, Conn. — Travelers Casualty and Surety Co. has agreed to dismissal of a lawsuit in which it sought $1.25 million in reinsurance coverage from Allstate Insurance Co. for the settlement of asbestos-exposure claims filed against PPG Industries Inc.
According to an Aug. 9 stipulation of dismissal filed in the U.S. District Court for the District of Connecticut, the parties agreed that the claims and counterclaims may be dismissed with prejudice and without costs to either party.
Travelers issued several insurance policies to PPG. Certain of those policies also insured PPG's subsidiary, Pittsburgh Corning Corp. (PCC).
PCC was hit ...
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