R&Q Refutes Claims That it Owes Travelers $1.7 Million in Reinsurance Proceeds

HARTFORD, Conn. — R&Q Reinsurance Co. has refuted allegations that it owes Travelers Casualty and Surety Co. $1.7 million in reinsurance proceeds for Travelers’ settlement of product liability claims asserted against its insured, Wyeth Holdings LLC.

In its Jan. 5 answer filed in the U.S. District Court for the District of Connecticut, R&Q also asserts that Travelers breached the reinsurance certificates by failing to provide a proof of loss containing sufficient information establishing that payment is due and owing.

According to the Nov. 4 complaint, Travelers issued two excess insurance policies to American Cyanamid that were in effect from June …