Judge Rules For TIG In $23M Asbestos Reinsurance Battle

Law360, New York (August 17, 2012, 3:31 PM EDT) -- A New York magistrate judge sided with TIG Insurance Co. on Thursday in a nearly $23 million dispute with AIU Insurance Co. after ruling that AIU gave late notice to the reinsurer of a settlement with Foster Wheeler Corp. over asbestos suit coverage.

U.S. Magistrate Judge Henry Pitman held that AIU had breached its reinsurance certificates by not giving prompt notice to TIG about a claim from Foster Wheeler for coverage of asbestos-related injury suits. AIU gave TIG the heads up only in January 2007, though...
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