Utica Mutual Sues Clearwater for $1 Million in Reinsurance for Goulds Pumps Asbestos Settlement

SYRACUSE, N.Y. — In a newly filed action, Utica Mutual Insurance Co. is demanding more than $1 million in reinsurance proceeds from Clearwater Insurance Co. for the settlement of asbestos claims brought against Goulds Pumps Inc.

In a Sept. 20 complaint filed in the U.S. District Court for the Northern District of New York, Utica asserts Clearwater is obligated under the reinsurance contracts to “follow the settlements.”

Between 1978 and 1982, Utica issued four consecutive umbrella liability policies to Goulds Pumps that were in effect from Jan. 1, 1978, to Jan. 1, 1982. The policies each provided $25 million in …