NICO Battles With Reinsurers Over $150 Million for Libby Mine Asbestos Settlement

OMAHA, Neb. — National Indemnity Co. is embroiled in a battle with several reinsurers over its settlement of Libby Mine asbestos claims with the State of Montana, contending in a complaint filed in the U.S. District Court for the District of Nebraska that it is owed more than $150 million in reimbursement.

Meanwhile, three of the reinsurers, Global Reinsurance Corporation of America, R&Q Reinsurance Co. and TIG Insurance Co. have filed their own declaratory judgment actions in New York, Pennsylvania, and New Hampshire, respectively, seeking rulings that they are not obligated to reimburse NICO for the settlement.

According to the …