Insurer Drops Lawsuit Accusing Reinsurers of Refusing to Pay Asbestos Claims

SAN FRANCISCO — Insurance Company of the State of Pennsylvania has dropped its lawsuit accusing two reinsurers of refusing to pay their share of a settlement of asbestos claims filed against C.F. Braun & Co.

According to a May 20 notice filed in the U.S. District Court for the Northern District of California, ICSOP voluntarily dismissed without prejudice its claims that Transport Insurance Co. and R&Q Reinsurance Co. breached a series of facultative reinsurance treaties issued to ICSOP in the 1970s.

According to the complaint filed on March 25, ISCOP issued several excess liability insurance coverage policies to Braun between …