Nationwide Says Cedent Breached Reinsurance Treaties

CINCINNATI - In response to a cedent's suit demanding payment of $5.1 million in reinsurance proceeds for the 2007 settlement of asbestos claims, Nationwide Mutual Insurance Co. asserts that the cedent breached the reinsurance treaties by denying access to its records. Travelers Casualty and Surety Co. v. Nationwide Mutual Insurance Co., et al., No. 3:11-107 (D. Conn.).

In its answer, filed in the U.S. District Court for the District of Connecticut, Nationwide further asserts that Travelers Casualty and Surety Co.'s reinsurance billings "were unreasonable and inconsistent with the terms and conditions of the treaties, presented solely to ensure coverage where …