3rd Circ. Lets Reinsurer Escape Asbestos Defense Costs

Law360, New York (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.

In a published precedential decision, the appeals court said that PEIC was required to notify Global of the asbestos suits facing manufacturing company Buffalo Forge Co. as soon as PEIC learned about them, and not when PEIC sought...
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