Fireman’s Fund Sues OneBeacon for $1.7 Million in Reinsurance Proceeds

NEW YORK — In a newly-filed complaint, Fireman’s Fund Insurance Co. accuses OneBeacon Insurance Co. of refusing to pay a $1.7 million reinsurance billing for an underlying asbestos settlement, thereby breaching the parties’ facultative certificate.

In a June 25 complaint filed in the U.S. District Court for the Southern District of New York, Fireman’s Fund says OneBeacon has failed to pay its portion of the ASARCO Trust settlement and is therefore liable for breach of contract.

According to the complaint, Fireman’s Fund issued an excess umbrella liability policy to ASARCO Inc., in effect March 15, 1983, to March 15, …