OneBeacon Appeals Ruling Requiring it to Pay Toward $35 Million Asbestos Settlement

NEW YORK – OneBeacon Insurance Co. has asked the 2nd Circuit U.S. Court of Appeals to review a ruling that it is obligated to partially fund Fireman’s Fund Insurance Co.’s $35 million settlement of asbestos claims, plus pay FFIC $2,966,993.31 in prejudgment interest.

On Dec. 30, OneBeacon notified Judge Paul G. Gardephe of the U.S. District Court for the Southern District of New York of its appeal.

FFIC issued three one-year excess umbrella liability policies to ASARCO Inc. OneBeacon's predecessor, General Accident Insurance Company of America, reinsured 15 percent of Policy 3 under a facultative certificate. In May 2001, ASARCO …