3rd Circ. Lets Reinsurer Escape Asbestos Defense Costs

By Sean McLernon (September 10, 2012, 3:29 PM EDT) -- The Third Circuit on Friday reversed a lower court ruling holding Global Reinsurance Corp. accountable for paying Pacific Employers Insurance Co. up to $1 million for asbestos litigation costs, finding that PEIC did not promptly notify the reinsurer, which allowed Global to escape liability under New York law....

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