Wausau Moves for Summary Judgment in Reinsurance Action Against OneBeacon

MADISON, Wis. — Employers Insurance Company of Wausau has moved for summary judgment in its action against OneBeacon Insurance Co. (NYSE: OB), in which Wausau demands nearly $600,000 in reinsurance for the settlement of underlying asbestos claims.

In its April 2 motion filed in the U.S. District Court for the Western District of Wisconsin, Wausau says OneBeacon cannot overcome the facultative certificates’ “follow the settlements” provision.

According to Wausau’s Feb. 5 complaint, OneBeacon issued Wausau two one-year facultative reinsurance certificates in effect in 1983 and 1984, which covered two Wausau umbrella policies issued to The Marley Co.

Both facultative certificates …