ICSOP Sues Clearwater for $800,000 in Reinsurance Proceeds

NEW YORK - The Insurance Company of the State of Pennsylvania has sued Clearwater Insurance Co. in New York federal court for more than $800,000 in reinsurance proceeds. Insurance Company of the State of Pennsylvania v. Clearwater Insurance Co., No. 09-10608 (S.D. N.Y.).

The Dec. 31 complaint, filed in the U.S. District Court for the Southern District of New York, seeks reimbursement for sums ICSOP allegedly paid for underlying chemical exposure claims.

According to the complaint, ICSOP insured Castle & Cook Inc., a real estate holding company for the periods of July 1, 1979, to July 1, 1980, and Oct. …