Huntsman Gets Another $110M For Chemical Plant Fire

Law360, New York (May 17, 2010, 4:05 PM EDT) -- Chemical manufacturer Huntsman Corp. has netted another $110 million from its reinsurers to pay for a 2006 fire that caused major damage to the company's olefins manufacturing plant in Port Arthur, Texas, bringing its total insurance payout to $475 million.

The award, announced by the company Monday and granted through binding arbitration, should end pending litigation with more than a dozen reinsurers, including AIG Casualty Co., Zurich American Insurance Co. and Allianz Global Risks US Insurance Co., in federal court in Texas.

Huntsman had claimed an...
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