N.Y. Federal Judge Dismisses Reinsurance Action, Citing Settlement

NEW YORK – A New York federal judge has dismissed a case in which an insurer demanded contribution from its reinsurer for a $7 million settlement of a coverage action involving a Brazilian feedstock pipeline, explaining that a settlement has been reached.

On May 14, Judge Valerie Caproni of the U.S. District Court for the Southern District of New York dismissed the action with prejudice, adding that the parties, New Hampshire Insurance Co. and Scottsdale Insurance Co., had 30 days to reopen the case.

In May 1999, Brazilian petrochemical holding company Odebrecht/Braskem Group S.A. sustained a loss at its COPENE …