Century Indemnity Demands $2.4 Million From Twin City Fire

NEW YORK - In a newly-filed suit, Century Indemnity Co. is demanding $2.4 million in reinsurance proceeds from Twin City Fire Insurance Co. for underlying latent exposure losses sustained by Crane Company Inc. Century Indemnity Co. v. Twin City Fire Insurance Co., No. 09-9304 (S.D. N.Y.).

The complaint, filed Nov. 9 in the U.S. District Court for the Southern District of New York, asserts that Twin City has refused to pay Century for underlying insured losses paid by its predecessor, Insurance Company of North America. Century seeks $2,383,080 under two facultative reinsurance contracts.

From 1982 through 1984, INA provided Crane, …