Century Demands $700,000 From Everest Re for Asbestos Claims

PHILADELPHIA - In a newly-filed suit, Century Indemnity Co. is seeking nearly $700,000 in reinsurance proceeds from Everest Re-Insurance Co. for underlying asbestos injury claims. Century Indemnity Co. v. Everest Re-Insurance Co., No. 11-2913 (E.D. Pa.).

The May 2 complaint, filed in the U.S. District Court for the Eastern District of Pennsylvania, says Everest Re has refused to pay its share of losses incurred by Century for asbestos claims brought against Bell Industries.

According to the suit, Everest Re reinsured an excess automobile and comprehensive general liability policy issued to Bell Industries by Century, effective April 1, 1983, to April …