AIG Escapes Insurer's Suit Over Asbestos Claims Coverage

Law360, Los Angeles (February 7, 2014, 10:15 PM EST) -- A New York state judge on Friday dismissed American International Group Inc. from a lawsuit in which Transatlantic Reinsurance Co. said it wasn't obligated to insure AIG over asbestos claims, finding insufficient evidence that AIG was a signatory to the reinsurance certificates at issue.

Granting AIG's motion to dismiss, Judge O. Peter Sherwood said TransRe hadn't sufficiently pled an alter-ego theory of liability when it argued that AIG used a derisking strategy in which its subsidiaries, instead of AIG itself, signed the certificates.

TransRe claimed that...
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