STORY FROM: Reinsurance & Arbitration
London Reinsurers Sue North River, U.S. Fire Over Allocation of Mine Safety Claims
September 24, 2019
TRENTON, N.J. — A group of London reinsurers have sued two insurers for breach of contract and bad faith, accusing them of improperly allocating underlying asbestos and silica exposure claims in order to increase their reinsurance recovery.
In the lawsuit, which was removed to the U.S. District Court for the District of New Jersey on Aug. 27, the reinsurers also contend that North River Insurance Co. and its affiliate United States Fire & Insurance Co. improperly billed them for declaratory judgment expenses.
A group of London-based reinsurers participated in a specialized insurance and reinsurance program known as “the Joint Underwriting ...
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