ICSOP Sues Reinsurer For $2.6M To Cover Asbestos Deal

Law360, Chicago (July 27, 2012, 3:39 PM EDT) -- The Insurance Co. of the State of Pennsylvania sued Argonaut Insurance Co. in New York state court Thursday, alleging it owes $2.6 million under a reinsurance policy to cover ICSOP for asbestos claims brought against a cement company the plaintiff insured.

ICSOP alleges that Argonaut has failed to honor its obligations under the reinsurance contract it issued ICSOP to reinsure a portion of certain excess insurance policies the plaintiff sold to Kaiser Cement Corp. The plaintiff reached a settlement with the cement company in 2009 that...
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