STORY FROM: Reinsurance & Arbitration

2nd Cir. Overturns $64 Million Reinsurance Judgment to Utica Mutual

NEW YORK — A federal appeals court has overturned a $64 million judgment to Utica Mutual Insurance Co., ruling that Fireman’s Fund Insurance Co. (FFIC) did not breach its obligations under reinsurance contracts covering certain umbrella policies issued to Goulds Pumps Inc.

In an April 28 opinion, the 2nd Circuit U.S. Court of Appeals agreed with FFIC that the umbrella policies unambiguously provide that they apply only in excess of the limits stated in the schedules accompanying the umbrella policies.

From 1966 to 1972, Utica insured Goulds under primary and umbrella policies. The umbrella policies were reinsured by FFIC and ...

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