Travelers Sues Reinsurers Over $449M Asbestos Deal

Law360, New York (January 20, 2011, 3:00 PM EST) -- Travelers Casualty and Surety Co. has accused three reinsurers of failing to cover their share of a $449 million deal the insurer struck with a policyholder to settle asbestos-related claims.

Joseph K. Skully, Daniel L. FitzMaurice and Thomas O. Farrish of Day Pitney LLP lodged Travelers' suit in the U.S. District Court for the District of Connecticut on Wednesday, hitting Nationwide Mutual Insurance Co., National Casualty Co. and Employers Insurance Co. of Wausau with one breach of contract claim apiece.

According to the suit, Hartford, Conn.-based...
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