Reinsurer Says AIG Should Lose Asbestos Claims Coverage

Law360, New York (March 29, 2013, 2:53 PM EDT) -- Transatlantic Reinsurance Co. slapped American International Group Inc. with a lawsuit in New York state court Thursday, claiming its reinsurance obligations to AIG were extinguished when the insurer unilaterally transferred its hefty asbestos liabilities to a Berkshire Hathaway Co. unit.

The suit is the second that TransRe has brought against AIG within a month. In a complaint filed March 1 in the same court by the same lawyers, TransRe challenged coverage of a nearly $174 million asbestos settlement. TransRe argued that AIG tried to sneak in...
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