Pacific Asks 3rd Circ. To Revisit Reinsurer's Asbestos Win

Law360, New York (September 25, 2012, 3:52 PM EDT) -- Pacific Employers Insurance Co. urged the Third Circuit on Friday to reconsider its decision letting Global Reinsurance Corp. off the hook for up to $1 million for asbestos litigation costs, saying the ruling “profoundly” conflicts with common sense and industry practice.

The appeals court held 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 an indemnity payment from Global. The finding allowed Global to escape liability...
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