STORY FROM: Reinsurance & Arbitration

N.Y. Federal Judge Vacates $64 Million Judgment in Favor of Utica Mutual, Closes Case

UTICA, N.Y. — A New York federal judge has vacated a judgment issued in favor of Utica Mutual Insurance Co., following an appellate court 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.

On July 21, Judge David Hurd of the U.S. District Court for the Northern District of New York vacated the $64,092,191.78 and closed the case.

From 1966 to 1972, Utica insured Goulds under primary and umbrella policies. The umbrella policies were reinsured by FFIC and General Reinsurance Corp. Utica retained 5 percent ...

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