2nd Cir. Upholds $7.2 Million Judgment Against Equitas in Reinsurance Action

NEW YORK — A 2nd Circuit U.S. Court of Appeals panel has rejected Equitas Insurance Ltd.’s efforts to overturn a $7.2 million reinsurance judgment issued in favor of The Insurance Company of the State of Pennsylvania (ICSOP) in a case involving coverage for environmental pollution at a site owned by a Dole Food Co. subsidiary.

In a May 22 opinion, the appellate panel found the U.S. District Court for the Southern District of New York properly adopted the “all sums” allocation method in ruling that ICSOP could allocate payment for 44 years of property damage to the reinsurance certificates’ three-year …