Two Reinsurers Accused of Failing to Pay Toward Braun Asbestos Settlement

SAN FRANCISCO — In a new lawsuit filed in California federal court, Insurance Company of the State of Pennsylvania accuses two reinsurers of refusing to pay their share of a settlement of asbestos claims filed against C.F. Braun & Co.

The March 25 complaint, filed in the U.S. District Court for the Northern District of California, says Transport Insurance Co. and R&Q Reinsurance Co. breached a series of facultative reinsurance treaties issued by their predecessors to ICSOP in the 1970s.

According to the complaint, ISCOP issued several excess liability insurance coverage policies to Braun between 1973 and 1978.

Transport …