Judge: Reinsurer Must Cover $1.7M Of ASARCO Asbestos Claims Settlement

Mealey's (October 20, 2020, 1:59 PM EDT) -- NEW YORK — A reinsurer is responsible for its portion of a $35 million settlement of asbestos claims, a New York federal judge ruled Oct. 19, finding that the reinsurer is bound to an insurer’s allocation under the “follow-the-fortunes” doctrine (Fireman’s Fund Insurance Company v. OneBeacon Insurance Company, No. 14-4718, S.D. N.Y., 2020 U.S. Dist. LEXIS 192996)....