Travelers Drops Suit Against Excalibur Demanding Reinsurance for Zurn Asbestos Claims

HARTFORD, Conn. — Travelers Casualty Insurance Co. (NYSE: TRV) has voluntarily dismissed its action against Excalibur Reinsurance Corp. in which it sought $112,411 in reinsurance for the settlement of underlying asbestos claims brought against Zurn Industries Inc.

In a notice of dismissal filed in the U.S. District Court for the District of Connecticut, Travelers noted that Excalibur never answered the May 24 complaint.

According to the suit, Travelers issued an insurance policy to Zurn. Through its participation in the Johnson & Higgins Willis Faber Syndicate A at the New York Insurance Exchange, Excalibur reinsured the policy under three facultative certificates …