Travelers Drops Breach of Reinsurance Contract Action Against Excalibur

HARTFORD, Conn. — Travelers Casualty and Surety Co. has voluntarily dismissed its breach of contract action against Excalibur Reinsurance Corp., in which it sought $112,855 in reinsurance proceeds for an underlying asbestos personal injury settlement with Zurn Industries Inc.

Travelers filed the notice of dismissal on Oct. 31 in the U.S. District Court for the District of Connecticut.

Travelers alleged in its Oct. 13 complaint that Excalibur breached three facultative reinsurance certificates by failing to pay a September reinsurance billing.

Travelers issued an umbrella insurance policy to Zurn that was in effect from April 1, 1983, to April …