ICSOP Sues TIG For $3 Million in Reinsurance Proceeds

NEW YORK - The Insurance Company of the State of Pennsylvania has sued TIG Insurance Co. for more than $3 million in reinsurance proceeds arising from underlying asbestos claims brought against ICSOP’s insureds.

The complaint, which was removed to the U.S. District Court for the Southern District of New York on Aug. 30, says TIG is liable for a portion of settlements made between ICSOP and its insureds, C.F. Braun & Co. and Kaiser Cement Corp.

According to the suit, ICSOP issued Braun five excess insurance policies for the years 1973 to 1979. Braun and its predecessors constructed and maintained …