ICSOP Disclaims Liability to TIG for $3 Million in Reinsurance

NEW YORK — In response to allegations that it owes The Insurance Company of the State of Pennsylvania more than $3 million in reinsurance for underlying asbestos claims, TIG Insurance Co. asserts that ICSOP breached the facultative certificates by failing to provide timely notice and improperly allocating its losses.

In its answer filed in the U.S. District Court for the Southern District of New York, TIG disclaims liability for a portion of asbestos settlements made between ICSOP and its insureds, C.F. Braun & Co. and Kaiser Cement Corp.

According to the complaint, ICSOP issued Braun five excess insurance policies for …