STORY FROM: Reinsurance & Arbitration
Century Files Appeal in Wake of $6.2 Million Adverse Reinsurance Verdict
January 6, 2020
UTICA, N.Y. — Century Indemnity Co. is appealing a federal judge’s denial of its motion for judgment as a matter of law or a new trial following a $6.2 million reinsurance verdict issued in Utica Mutual Insurance Co.’s favor.
Century filed its notice of appeal to the 2nd Circuit U.S. Court of Appeals on Dec. 27.
Utica sued Century in 2013, accusing it of breaching two reinsurance certificates issued in 1973 and 1975, which covered policies issued by Utica to Goulds Pumps Inc. Utica sought contribution for sums it paid on behalf of Goulds to settle asbestos exposure claims.
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