TIG, Global, Settle $1.4M Dispute Over DJ Expenses

CHICAGO - Global Reinsurance Corporation of America on March 6 agreed to settle their battle over nearly $1.4 million in underlying declaratory judgment expenses, a source told Harris Martin. TIG Insurance Co. v. Global Reinsurance Corporation of America, No. 1:08-cv-00522 (N.D. Ill.).

The terms of the settlement agreement are confidential.

In a lawsuit removed to the U.S. District Court for the Northern District of Illinois, TIG Insurance Co. demanded $1,340,564 from Global under a series of 'contributing excess' reinsurance contracts in effect between 1974 and 1985.

TIG alleged that the contracts covered expenses it incurred in coverage battles with …