STORY FROM: Reinsurance & Arbitration

2nd Cir. Overturns $6.9 Million Ruling in Reinsurance Dispute

NEW YORK — A federal appeals court has overturned a lower court’s ruling that reinsurer Clearwater Insurance Co. is required to pay $6.9 million to Utica Mutual Insurance Co. for its settlement of asbestos claims filed against Goulds Pumps Inc., explaining that Clearwater’s obligations under the reinsurance certificates remain uncertain.

In a Sept. 25 opinion, the 2nd Circuit U.S. Court of Appeals directed the trial court to determine whether Clearwater’s obligation encompasses claim-related expenses. The trial court must also determine whether and how much Clearwater is bound to indemnify Utica for the Goulds settlement.

Between 1978 and 1982, Utica issued ...

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