Utica, R&Q Agree to Voluntary Dismissal of Reinsurance Dispute in N.Y. Federal Court

ALBANY, N.Y. — Utica Insurance Co. and R&Q Reinsurance Co. have agreed to voluntary dismissal of a dispute in New York federal court concerning whether a facultative reinsurance certificate provided an overall cap of $1 million on the reinsurer’s liability.

On March 15, Judge Brenda K. Sannes of the U.S. District Court for the Northern District of New York dismissed the action with prejudice, without interest, costs or attorneys’ fees.

Between 1961 and 1980, Utica issued primary and umbrella policies to Buffalo Pumps. The umbrella policy at issue in the instant case was effective from 1979 to 1980 and provided …