Clearwater Withdraws Appeal in $11 Million Reinsurance Action

NEW YORK — Clearwater Insurance Co. has withdrawn its appeal of a New York federal judge’s refusal to overturn an $11 million reinsurance verdict issued in Utica Mutual Insurance Co.’s favor after rejecting Clearwater’s argument that the phrase “occurrence not covered by” does not obligate it to pay defense expenses in addition to limits.

The parties filed a stipulation of dismissal in the 2nd Circuit U.S. Court of Appeals on April 25.

Between 1978 and 1982, Utica issued four one-year umbrella liability policies to Goulds Pumps Inc. that were in effect from Jan. 1, 1978, to Jan. 1, 1982. The …