STORY FROM: Reinsurance & Arbitration
Federal Judge Orders Captive Reinsurer to Pay $2.8 Million
September 29, 2008
DENVER - A Colorado federal judge has confirmed an arbitration award rendered against N.I. Ltd., ordering the captive reinsurer to pay nearly $2.8 million to Insurance Company of North America for underlying environmental losses. Newmont U.S.A. Ltd. v. Insurance Company of North America, No. 06-CV-01178 (D. Colo.).
In a Sept. 19 order, Judge Zita L. Weinshienk of the U.S. District Court for the District of Colorado modified a portion of the award by applying the statutory rate to the post-judgment interest awarded to INA. NIL filed a notice of appeal to the 10th Circuit U.S. Court of Appeals on Sept. ...