TIG Sues Australian Reinsurer for Foster Wheeler Losses

CHICAGO – TIG Insurance Co. has sued an Australian reinsurer in Illinois federal court, demanding payment under two facultative reinsurance certificates covering policies issued to Foster Wheeler Group.

The Sept. 7 complaint was filed against SunCorp Group Ltd. in the U.S. District Court for the Northern District of Illinois.

According to the complaint, TIG’s predecessor, North River Insurance Co., issued two excess liability policies to and reinsured part of the risk with Suncorp Group’s predecessor under two facultative contracts, in effect from 1974 to 1977 and 1977 to 1978, respectively.

“TIG has performed its obligations under the Foster Wheeler …