Granite State Seeks $1.8 Million in Reinsurance for Honeywell Asbestos Settlement

NEW YORK — Granite State Insurance Co. has sued two reinsurers in New York state court, seeking $1.8 million in reinsurance for its settlement of asbestos claims brought against its insured, Honeywell International.

The Dec. 30 complaint, filed in the New York County Supreme Court, says Continental Insurance Co. and Unione Italiana Reinsurance Company of America have failed to fulfill their obligations under facultative reinsurance certificates issued to Granite State.

Granite State issued a $4 million excess liability policy to Allied Corp. effective Oct. 1, 1983, to March 1, 1985. The policy was allegedly reinsured under facultative reinsurance agreements issued …