By Ganesh Setty (March 21, 2022, 3:44 PM EDT) — A group of workers suffering from the long-term effects of asbestos exposure told a Montana federal court Monday that Zurich American Insurance Co. abrogated their claim settlement duties, despite a jury finding the insurer failed to uphold their obligations to warn them about their exposure.
Instead, lead plaintiff Billie Schull, the workers and deceased workers’ representatives claimed Zurich has punted payment of the’ accrued claims to one or more third-party firms that the insurer has paid to acquire and handle the asbestos liabilities, a multibillion-dollar practice in the insurance industry known as “retroactive reinsurance.” These third parties have an unregulated…
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