Insurers, TIG Settle Calif. Federal Reinsurance Billings Dispute

SAN FRANCISCO — Two insurers and TIG Insurance Co. have settled their California federal court dispute over payment for $11.6 million in reinsurance billings arising from an underlying asbestos settlement, according to a recent court filing.

In a Nov. 8 stipulation filed in the U.S. District Court for the Northern District of California, New Hampshire Insurance Co. and Granite State Insurance Co. agreed to drop their breach of contract claims against TIG, and TIG consented to dismissal of its declaratory judgment counterclaims against the insurers.

In 1978, New Hampshire Insurance Co. issued an excess liability policy to IC Industries Inc., …