New Hampshire Insurance Sues Reinsurer for Contribution Toward $7 Million Settlement

NEW YORK – New Hampshire Insurance Co. has sued its reinsurer for contribution toward a $7 million settlement of an underlying coverage action involving a Brazilian feedstock pipeline, arguing that the policy’s “follow the fortunes” provision requires payment of the claim.

In an Aug. 17 complaint filed in the U.S. District Court for the Southern District of New York, New Hampshire says Scottsdale Insurance Co. must follow New Hampshire’s settlements in respect of the claim “as Original Policy.”

In May 1999, Brazilian petrochemical holding company Odebrecht/Braskem Group S.A. sustained a loss at its COPENE Plant caused by corrosion and contamination …