Four insurance companies are tussling over the scope of a trial before Manhattan Commercial Division Justice Eileen Bransten on how much money three reinsurers allegedly owe for their share of nearly $1 billion in asbestos settlements.
Frontline insurer United States Fidelity & Guaranty Company (USF&G) settled claims brought against its insured Western Asbestos Company after a protracted coverage fight. MacArthur Corporation, whose subsidiary took over Western Asbestos, sued USF&G for bad faith in refusing to defend it against the asbestos suits. Ultimately, USF&G settled the bad-faith case, paying $975 million to resolve the asbestos claims.
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