Allianz Unit Must Pay $23 Million in Asbestos Coverage Dispute

An Allianz SE insurance unit must pay over $23 million in a long-running coverage dispute with manufacturing companies over asbestos-related liability, a New York state court ruled.

Fireman’s Fund Insurance Co. is on the hook for the full limits of two policies at issue—$7.5 million each—and over $8 million in prejudgment interest, Judge Robert E. Antonacci of the New York Supreme Court, Onondaga County said in a Friday order, handing a win to manufacturers Carrier Corp. and Elliott Co.

Carrier and Elliott previously settled with other insurers involved in the dispute, which has been pending for two decades. The court ...