OneBeacon Opposes Wausau’s Motion for Summary Judgment in $600,000 Reinsurance Action

MADISON, Wis. — In opposing Employers Insurance Company of Wausau’s motion for summary judgment in a $600,000 reinsurance action, OneBeacon Insurance Co. (NYSE: OB) argues that issues of fact exist as to its setoff defense.

In its April 23 opposition filed in the U.S. District Court for the Western District of Wisconsin, OneBeacon contends its setoff defense is dependent upon the outcome of a pending arbitration in which OneBeacon seeks nearly $500,000 in reinsurance proceeds from Wausau.

OneBeacon issued Wausau two one-year facultative reinsurance certificates in effect in 1983 and 1984, which covered two Wausau umbrella policies issued to …