N.Y. Appeals Court Upholds $420 Million Judgment in Favor of USF&G

NEW YORK - A New York appellate court has upheld a $420,425,536 judgment entered in favor of cedent United States Fidelity & Guaranty Co. in a dispute over reinsurance coverage for a $975 million asbestos claims settlement. United States Fidelity & Guaranty Co., et al. v. American Re-Insurance Co., et al., Nos. 5205-5205A (N.Y. Sup. Ct., App. Div., 1st Dept.).

On Jan. 24, the New York Supreme Court Appellate Division, 1st Department, ruled that the trial court did not err in ruling that the parties agreed to increase the retention amount on the reinsurance treaties to $3 million for those …