Reinsurer Must Pay $25 Million to Cover Asbestos Settlement

NEW YORK - A federal judge has ordered a reinsurer to pay the insurer of an asbestos defendant nearly $25 million to cover the cost of a settlement reached with the defendant nearly two years ago. North River Insurance Co. v. ACE American Reinsurance Co., No. 00cv7993 (S.D. N.Y.).

Judge Jed S. Rakoff issued the order March 29 from the U.S. District Court for the Southern District of New York, granting a motion for summary judgment filed by North River Insurance Co.

North River had sued its partial reinsurer, ACE American Reinsurance Co., after ACE refused to pay its portion …