Reinsurance Contracts Did Not Attach To Umbrella Policies, Panel Says

Mealey's (April 28, 2020, 2:05 PM EDT) -- NEW YORK — The Second Circuit U.S. Court of Appeal on April 28 reversed a jury verdict entered in favor of an umbrella insurer and against a reinsurer in an asbestos coverage dispute after determining that the reinsurance contracts did not attach to the umbrella policies because there were no aggregate limits listed in the underlying insurance policies as required by the reinsurance contracts (Utica Mutual Insurance Co. v. Fireman’s Fund Insurance Co., No. 18-828, 2nd Cir.)....