TIG Sues Century in Federal Court For $1.33 Million, Future Sums

NEW YORK -In an Aug. 19 suit filed in New York federal court, TIG Insurance Co. demands $1.33 million in reinsurance proceeds from Century Indemnity Co. for an underlying settlement of asbestos claims brought against Honeywell International's predecessor. TIG Insurance Co. v. Century Indemnity Co., No. 08-7322 (S.D. N.Y.).

TIG also seeks a declaration from the U.S. District Court for the Southern District of New York that Century is obligated for future payments made by TIG to Honeywell pursuant to the June 2007 settlement agreement.

According to the complaint, TIG's predecessor, International Surplus Lines Insurance Co. (ISLIC), issued an excess …