Travelers Wins $262M Asbestos Reinsurance Judgment

Travelers Insurance has won a $262 million judgment against a group of reinsurers that refused to pay a portion of a nearly $1 billion settlement in asbestos claims the insurer paid in 2002. The award by a New York Supreme Court means American Re-Insurance Co., part of Munich Reinsurance Co., will pay $202.5 million, plus interest. The remaining $59.8 million will come from a second group of reinsurers - ACE, Century Indemnity and OneBeacon - that are part of a reinsurance coalition known as the Excess Casualty Reinsurance Association.