STORY FROM: Reinsurance & Arbitration
Parties Settle N.Y. Federal Reinsurance Action Involving Burnham Asbestos Claims
September 20, 2018
SYRACUSE, N.Y. — Utica Mutual Insurance Co. and R&Q Reinsurance Co. have settled their dispute over reinsurance coverage for underlying Burnham Corp. asbestos injury claims, according to a recent filing in New York federal court.
On Sept. 18, Judge Brenda K. Sannes of the U.S. District Court for the Northern District of New York dismissed the action, explaining that the parties counsel advised her that the action has been settled, or is in the process of being settled.
R&Q issued Utica multiple facultative reinsurance contracts that were in effect from 1976 to 1983 and from 1984 to 1986. The certificates ...
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