2nd Circuit Affirms $24.8 Million Judgment in Reinsurance Case

NEW YORK - The 2nd Circuit U.S. Court of Appeals has affirmed a $24.8 million judgment against a reinsurer for its share of asbestos losses but remanded for a ruling on whether the reinsurer owes interest on a like amount voluntarily paid after litigation commenced. The North River Insurance Co. v. ACE American Reinsurance Co. No. 02-7902 (D. App. Second Cir.)

In a March 15 decision, the court affirmed the judgment of the U.S. District Court for the Southern District of New York that ACE American Reinsurance Co. was liable to North River Insurance Co. for $24,771,748 in losses generated …