STORY FROM: Reinsurance & Arbitration
Utica Mutual Asks 2nd Cir. for Rehearing in $6.9 Million Reinsurance Dispute
October 16, 2018
NEW YORK — Utica Mutual Insurance Co. has petitioned the 2nd Circuit for rehearing en banc following its ruling that reinsurer Clearwater Insurance Co. may not be required to pay $6.9 million to Utica for its settlement of asbestos claims filed against Goulds Pumps Inc.
In a Sept. 25 opinion, the appellate court explained that Clearwater’s obligations under the reinsurance certificates remain uncertain. The court directed a New York federal court to determine whether Clearwater’s obligation encompasses claim-related expenses.
The trial court was also asked to determine whether and how much Clearwater is bound to indemnify Utica for the ...
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