AIG Unit's Reinsurer Must Cover $7.2M Of Dole's Enviro Deal

Law360 (July 16, 2020, 6:40 PM EDT) -- A New York federal judge ruled Thursday that London-based reinsurer Equitas Insurance Ltd. must cover a $7.2 million share of a $20 million payment that an AIG unit made toward Dole Food Co.'s settlement of claims over environmental pollution at a housing development in California.

Applying principles of English law, U.S. District Judge Laura Taylor Swain granted summary judgment to AIG subsidiary Insurance Co. of the State of Pennsylvania, finding that Equitas is obligated to pay out under two reinsurance policies that ICSOP purchased to back an umbrella policy it issued to a Dole predecessor for a three-year period from October...

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