OneBeacon Fails to Show ‘Pressing Need’ For Stay of Reinsurance Action, Wausau Asserts

MADISON, Wis. — Employers Insurance Company of Wausau has opposed OneBeacon Insurance Co.’s (NYSE: OB) motion to stay a $600,000 reinsurance action, asserting OneBeacon has failed to show there is a “pressing need” for such an “indefinite” stay.

In its May 2 opposition filed in the U.S. District Court for the Western District of Wisconsin, Wausau contends that resolution of the arbitration, which is currently before a Massachusetts federal court on an umpire selection issue, will take an indeterminable amount of time.

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