Hartford Financial Services Group Inc. said Wednesday that it had lost a $117 million asbestos ruling with potentially wide consequences in a Connecticut state court but has appealed to a state appellate court.
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Hartford said in a filing with the Securities and Exchange Commission that it paid a $1.15 billion claim to a bankrupt asbestos installation distributor two years ago, then billed its London reinsurers for $117 million. They refused to pay, and the Connecticut Superior Court found for the reinsurers last month.
The ruling, if upheld, could affect other current and potential reinsurance billings in similar cases, the insurer said, and it had set aside $335 million by Dec. 31 for uncollectible reinsurance.
