OneBeacon Sues Century Indemnity for $137,000 in Reinsurance Proceeds

BOSTON — OneBeacon America Insurance Co. (NYSE: OB) has sued Century Indemnity Co. in Massachusetts federal court, demanding $137,006 in reinsurance proceeds for an underlying environmental claim brought against B.F. Goodrich Co.

In a May 16 complaint filed in the U.S. District Court for the District of Massachusetts, OneBeacon also seeks a ruling that Century is obligated to pay future reinsurance billings in connection with the Goodrich claim.

In 1969, OneBeacon’s predecessor, Employers Liability Assurance Corp., issued an excess liability policy to Goodrich, effective from Jan. 1, 1969, to Jan. 1, 1972. According to the suit, Century’s predecessor, the Insurance …