TIG Settles N.Y. Lawsuit Demanding $872,498 in Reinsurance From R&Q

NEW YORK — TIG Insurance Co. and R&Q Reinsurance Co. have settled a lawsuit in which TIG sought $872,498 in reinsurance proceeds for the settlement of underlying asbestos claims asserted against White Consolidated Industries Inc.

In an Oct. 21 order, Judge Richard J. Sullivan of the U.S. District Court for the Southern District of New York dismissed the action with prejudice but without costs, explaining that the parties have resolved their dispute.

TIG issued several umbrella liability policies to White Consolidated Industries Inc., an international manufacturer of major home appliances, industrial equipment, and machinery. The policies remained in force between …