STORY FROM: Reinsurance & Arbitration
Cedent Says R&Q Reinsurance Breached Contract by Failing to Pay for Asbestos Settlement
April 23, 2020
BOSTON — R&Q Reinsurance Co. has been hit with a lawsuit in Massachusetts federal court, accusing it of breaching a reinsurance contract by failing to indemnify its cedent for sums paid to settle asbestos claims filed against National Service Industries Inc. (NSI).
In an April 20 complaint filed in the U.S. District Court for the District of Massachusetts, Lexington Insurance Co. says R&Q failed to pay a proof of loss submitted nearly a year ago.
Lexington issued a policy to NSI, effective March 1, 1980, to March 1, 1981, with a limit of $10 million p/o $20 million excess $30 ...
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