STORY FROM: Reinsurance & Arbitration
Lexington Drops Breach of Contract Action Against R&Q Reinsurance
June 3, 2020
BOSTON — Lexington Insurance Co. has dropped its lawsuit accusing R&Q Reinsurance Co. of breaching a reinsurance contract by failing to partially fund an asbestos settlement involving Lexington’s insured, National Service Industries Inc. (NSI).
Lexington filed a notice of voluntary dismissal in the U.S. District Court for the District of Massachusetts on May 27.
In an April 20 complaint, Lexington said 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 million ...
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White & Williams
Notice of Voluntary Dismissal