Parties Settle $4.5 Million Action Against Transport Insurance

LOS ANGELES - Two cedents have settled their action against Transport Insurance Co., which sought more than $4.5 million in reinsurance for underlying asbestos personal injury claims brought against Kaiser Aluminum & Chemical Co. Insurance Company of the State of Pennsylvania, et al. v. Transport Insurance Co., No. 10-9830 (C.D. Calif.).

Judge Christina A. Snyder of the U.S. District Court for the Central District of California dismissed the action, brought by Insurance Company of the State of Pennsylvania and New Hampshire Insurance Co.

In 1973, ICSOP issued a commercial umbrella policy to Kaiser Aluminum & Chemical Co. The policy was …