AIG Insurers Drop $1.3 Million N.Y. Reinsurance Action Against R&Q Re

NEW YORK — Three American International Group insurers have agreed to drop their action against R&Q Reinsurance Co. in which they sought $1.3 million in reinsurance proceeds for an underlying settlement of lawsuits involving asbestos and tainted blood clotting products.

In an April 7 filing before Judge Jeffrey K. Onig of the New York County Supreme Court, the parties stipulated that the action is voluntarily discontinued with prejudice and without costs to any party.

R&Q’s predecessor, INA Reinsurance Co., issued several facultative contracts to Granite State Insurance Co., Lexington Insurance Co. and the Insurance Company of the State of Pennsylvania. …