Converium, Princeton Settle Long-Running Dispute Over Treaty Limits

PHILADELPHIA - Converium Reinsurance (North America) Inc. and Princeton Insurance Co. have settled a dispute over whether Converium must pay $1.7 million in reinsurance proceeds for Princeton's settlement of an underlying workers' compensation claim. Princeton Insurance Co. v. Converium Reinsurance (North America) Inc., No. 06-599 (D. N.J.).

On Sept. 14, Judge Mary L. Cooper of the U.S. District Court for the District of New Jersey dismissed the action without prejudice, explaining that it would be reopened if the settlement between the parties is not consummated.

In July 1995, Princeton Insurance Co. entered into a workers' compensation and employers' liability excess …