Travelers Says Reinsurer Owes $8.5M For Asbestos Pact

Law360, New York (December 13, 2010, 6:41 PM EST) -- Travelers Casualty and Surety Co. has hit R&Q Reinsurance Co. with a breach of contract suit seeking $8.5 million as part of its $449 million settlement over asbestos litigation.

In a complaint filed Friday in the U.S. District Court for the District of Connecticut, Travelers claimed that R&Q was bound to that share of the settlement — set aside for asbestos claims against Armstrong Contracting and Supply Co. — through reinsurance agreements struck between predecessors of the companies dating back decades.

Travelers, based in Hartford, Conn.,...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.