3rd Circ. Nixes Liability Ruling On Reinsurer's Contract

Law360, New York (September 16, 2009, 3:26 PM EDT) -- Citing abstruse contract language, a federal appeals court has vacated and remanded a lower court's ruling that Converium Reinsurance Inc. is liable for $1.5 million, plus $207,000 interest, under a workers’ compensation and employers’ liability reinsurance treaty with Princeton Insurance Co.

The contract between the companies is ambiguous, the U.S. Court of Appeals for the Third Circuit said Monday, adding that the U.S. District Court for the District of New Jersey should not have granted summary judgment in favor the New Jersey-based insurer or the New...
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