STORY FROM: Reinsurance & Arbitration
Former Captive Brings $88.5M Suit Against ITT Industries
May 22, 2008
PHILADELPHIA - In an $85.5 million action, ITT Industries Inc.'s former captive reinsurer is accusing the corporation of reneging on a promise to indemnify it for asbestos and silica losses arising from a domestic casualty insurance program and of keeping the reinsurer "in the dark for years" about massive impending losses. Fencourt Reinsurance Company Ltd. v. ITT Industries Inc., No. 06-CV-04786, E.D. Pa.).
The May 2 amended complaint is pending in the U.S. District Court for the Eastern District of Pennsylvania.
ITT is a conglomerate of numerous manufacturing companies spread throughout the United States and the world. From 1978 through ...