International Insurance, Transatlantic Settle Reinsurance Coverage Action

PHILADELPHIA — International Insurance Co. has agreed to settle its action against Transatlantic Reinsurance Co. (NYSE: TRH) in which it demanded reinsurance for asbestos claims brought against a subsidiary of Houdaille Industries Inc.

Judge Edmund V. Ludwig of the U.S. District Court for the Eastern District of Pennsylvania closed the case upon the parties’ submission of a written settlement agreement.

TRC issued two one-year facultative reinsurance contracts to International in 1982 and 1983. The contracts allegedly covered two excess commercial liability policies issued by International to Houdaille Industries Inc.

In 1985, Houdaille sold the assets of its subsidiary, Warren …