OneBeacon Must Pay Reinsurance In $35M Asbestos Deal

Law360 (October 19, 2020, 6:38 PM EDT) -- A New York federal judge held Monday that OneBeacon Insurance Co. must reimburse a portion of Fireman's Fund Insurance Co.'s $35 million settlement payment resolving asbestos injury claims against a mining company.

U.S. District Judge Paul G. Gardephe said OneBeacon is liable to foot part of Fireman's 2011 settlement bill because its reinsurance contract with Fireman's clearly instructed it to do so, according to the order.

"The reinsurance contract states that 'all claims involving this reinsurance, when settled by Fireman's, shall be binding on OneBeacon,'" the judge wrote.

Fireman's sued OneBeacon in 2014, alleging that the reinsurer owed it more than...

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