Reinsurers Report Insurer’s Asbestos Liability Agreement, Seek Declaratory Judgment

(May 12, 2022, 1:18 PM EDT) -- Asserting that National Indemnity Co. (NICO) recently entered into an agreement with Montana to settle its potential liability to the state for claims related to alleged asbestos exposure to milling and mining operations in the Libby, Mont., area between July 1973 and July 1975, Global Reinsurance Corporation of America and R&Q Reinsurance Co. on May 10 filed similar suits in Pennsylvania and New York federal courts seeking declarations regarding their rights and obligations under facultative reinsurance certificates that their predecessors-in-interest issued to NICO....