STORY FROM: Reinsurance & Arbitration

TIG Insurance Co. Accused of Failing to Pay $11.6 Million in Reinsurance Billings

SAN FRANCISCO — Two insurers have sued TIG Insurance Co. in California federal court, accusing it of breaching reinsurance certificates by failing to pay more than $11.6 million in billings stemming from an underlying asbestos settlement.

In a July 13 complaint filed in the U.S. District Court for the Northern District of California, the insurers contend that under the terms of the reinsurance certificates, TIG may not second-guess their settlement decisions.

In 1978, New Hampshire Insurance Co. issued an excess liability policy to IC Industries Inc., in effect from March 1, 1978 to March 1, 1979, with limits of $10 ...

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