AIG Insurer Sues Unione Italiana for $500,780

NEW YORK - In a recently-filed suit, Lexington Insurance Co. is demanding more than $500,780 in reinsurance proceeds for losses it paid in 2004 to settle asbestos claims brought against Pfizer Inc. Lexington Insurance Co. v. Unione Italiana Reinsurance Company of America Inc., No. 09-10626 (S.D. N.Y.).

The suit, filed Dec. 31 in the U.S. District Court for the Southern District of New York, alleges that Unione Italiana Reinsurance Company of America Inc. has breached two facultative certificates by refusing to pay Lexington's proofs of loss.

From Oct. 1, 1979, to Oct. 1, 1981, Lexington insured Pfizer under certain excess …