Utica Slaps Reinsurer With $1M Suit Over Asbestos Deal

Law360, New York (September 24, 2013, 6:39 PM EDT) -- Utica Mutual Insurance Co. on Friday filed suit against Clearwater Insurance Co. in New York federal court, aiming to force the reinsurer to chip in more than $1 million, along with future payments, toward a settlement with Goulds Pumps Inc. over thousands of asbestos injury claims.

Utica asked the court to declare that Clearwater breached Goulds Pumps reinsurance contracts from 1979 through 1981 when it held back more than $1 million in payments.

"Clearwater paid some billings in 2012, but has failed and refused to pay...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.