Travelers Sues R&Q for $1.7 Million in Reinsurance Proceeds

HARTFORD, Conn. — Travelers Casualty and Surety Co. has sued R&Q Reinsurance Co. for $1.7 million in reinsurance proceeds for the underlying settlement of claims asserted against Travelers’ insured, Wyeth Holdings LLC.

In the Nov. 4 complaint filed in the U.S. District Court for the District of Connecticut, Travelers alleges that R&Q has breached the facultative reinsurance certificates at issue by refusing to pay the billings.

Travelers issued two excess insurance policies to American Cyanamid that were in effect from June 30, 1978, to June 30, 1979. The policies were allegedly reinsured under two facultative reinsurance contracts issued by R&Q’s …