Pacific Employers Sues Reinsurer for $559,072

PHILADELPHIA - Pacific Employers Insurance Co. is demanding $559,072 in reinsurance proceeds from Global Reinsurance Corporation of America for losses sustained in connection with underlying asbestos injury claims brought against Buffalo Forge Co. Pacific Employers Insurance Co. v. Global Reinsurance Corporation of America, No. 09-06055 (E.D. Pa.).

The Dec. 18 complaint, filed in the U.S. District Court for the Eastern District of Pennsylvania, seeks breach of contract damages and a declaration that Global is obligated to pay past, current and future billings.

According to the suit, PEIC entered into a facultative contract with Global's predecessor, Constitution Reinsurance Corp. The contract, …