Reinsurers Owe $322,355 for Underlying Asbestos Injury Claims, TIG Alleges
January 5, 2023
NEW YORK — TIG Insurance Co. has sued two reinsurers in New York federal court for a total of $322,355 in reinsurance proceeds for loss and defense expense payments for underlying asbestos injury claims filed against Hercules Inc. and Weil-McClain Co. (W-M).
In a Dec. 29 complaint filed in the U.S. District Court for the Southern District of New York, TIG says R&Q Reinsurance Co. and Global Reinsurance Corp. have acknowledged that they owe the amounts, but have refused to release the funds.
According to the lawsuit, TIG issued liability policies to Hercules and W-M. In turn, R&Q’s predecessor, INA …