Reinsurer Must Pay Up In Monsanto Deal: Ex-AIG Affiliate

Law360, New York (December 6, 2011, 7:57 PM EST) -- An attorney for a former American International Group Inc. insurer affiliate told a New York appeals court Tuesday that Everest Reinsurance Co. needs to pay its share of a $140 million environmental settlement with Monsanto Co.

Everest must pay up for its share of the settlement reached among a host of AIG-affiliated insurers, including National Union Fire Insurance Co. of Pittsburgh, Pa., and Monsanto Co. over third-party environmental claims at a Monsanto facility in Anniston, Ala., that allegedly contaminated the surrounding area with the chemical PCB,...
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