TIG Dodges AIU's $23M Asbestos Reinsurance Claim

Law360, New York (March 25, 2013, 6:36 PM EDT) -- A federal judge on Monday ruled that TIG Insurance Co. doesn’t owe AIU Insurance anything in a $23 million dispute over a settlement with Foster Wheeler Corp. regarding asbestos suit coverage, finding that AIU gave late notice to the reinsurer.

U.S. District Judge Sidney H. Stein endorsed a magistrate judge’s holding 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 informed TIG in January 2007, though it had...
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