TIG Settles $338,130 Claim Against Australian Reinsurer Suncorp Metway

CHICAGO – TIG Insurance Co. has agreed to settle its suit against Australian reinsurer Suncorp Metway Insurance Ltd. in which it demanded payment under two reinsurance certificates covering policies issued to Foster Wheeler Group.

On Jan. 18, Judge Robert M. Dow Jr. of the U.S. District Court for the Northern District of Illinois granted the parties’ joint motion to dismiss the case with prejudice.

TIG’s predecessor, North River Insurance Co., issued two excess liability policies to Foster Wheeler. Broker L.W. Biegler Inc. handled the policies.

TIG reinsured part of the risk with State Government Insurance Office under the …