Lyndon Seeks Confirmation of Award Against Founders Insurance

BOSTON - Lyndon Property Insurance Co. has asked a Massachusetts federal judge to confirm a confidential arbitration award against its reinsurer, Founders Insurance Company Ltd. Lydon Property Insurance Co. v. Founders Insurance Company Ltd., No. 1:08-11359 (D. Mass.).

On Sept. 12, U.S. District Judge Richard G. Stearns ordered Founders to answer Lyndon's complaint by Oct. 7.

According to the Aug. 8 complaint, Founders Insurance Company Ltd. reinsured certain default protection insurance policies issued by Lyndon pursuant to the "Centrix Portfolio Management Program." The reinsurance contract, which was effective on Jan. 1, 2002, allegedly required Founders to place assets equal to …