Transatlantic, AIG Subsidiaries Agree to Discontinue N.Y. Asbestos Liability Reinsurance Action

NEW YORK — Transatlantic Reinsurance Co. and certain AIG subsidiaries have agreed to discontinue with prejudice a New York state court action involving reinsurance allegedly owed for underlying asbestos liabilities.

According to a recent filing in the New York County Supreme Court entered by Judge O. Peter Sherwood, the action has been dismissed.

TRC issued AIG subsidiaries National Union Fire Insurance Co., Granite State Insurance Co. and Lexington Insurance Co. under certain facultative reinsurance certificates issued in the early 1980s.

These certificates reinsured excess liability policies issued by the AIG insurers to General Motors, R.T. Vanderbilt Company Inc., Ampco-Pittsburgh Corp., …