United States Fidelity & Guaranty Co. v. American Re-Insurance Co.

OPINION OF THE COURT

Smith, J.

An insurance company, United States Fidelity & Guaranty Company (USF&G), having settled asbestos claims for nearly a *415billion dollars, seeks to recover a share of its settlement payment from its reinsurers. The courts below granted summary judgment for USF&G. We modify the Appellate Division’s order to deny summary judgment on two issues, and otherwise affirm.

We conclude, as did the dissenting Justice in the Appellate Division, that there is an issue of fact as to whether USF&G, in allocating the settlement amount, reasonably attributed nothing to the so called…