TAIC, R&Q to Settle $1.47 Million Disputes Pending in Calif., Ill. Federal Courts

SAN FRANCISCO — The American Insurance Co. and R&Q Reinsurance Co. say they are in the process of settling two federal lawsuits pending in California and Illinois which involve $1.47 million in reinsurance proceeds allegedly owed by R&Q to TAIC for underlying General Motors Corp. asbestos claims.

A Jan. 11 letter authored by TAIC’s counsel notified the U.S. District Court for the Northern District of California the parties are working on a confidential settlement agreement and release.

TAIC insured GM under several excess liability policies in effect from October 1976 through September 1985. Those policies were allegedly reinsured under …