STORY FROM: Reinsurance & Arbitration
Century Indemnity Sues RLI for Breach of Contract in Pa. Federal Court
May 4, 2020
PHILADELPHIA — Century Indemnity Co. has accused RLI Insurance Co. of breaching two facultative reinsurance certificates by refusing to indemnify Century for sums it paid to settle asbestos claims filed against its insured, Gould Inc.
In a May 1 complaint filed in the U.S. District Court for the Eastern District of Pennsylvania, Century contends that RLI breached the certificates’ “follow the settlements” provision, which states that “all claims involving this reinsurance, when settled by Century shall be binding on the Reinsurer, who shall be bound to pay its proportion of such settlements.”
Century insured Gould under two consecutive one-year ...
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