STORY FROM: Reinsurance & Arbitration
Federal Judge Confirms Allocation Award in Favor of TIG
January 28, 2009
NEW YORK - An arbitration award stating that Global International Reinsurance Company Ltd. had released its right to audit and dispute claims reported to its cedent prior to Jan. 1, 2003, was confirmed by a New York federal judge on Jan. 21. Global International Reinsurance Company Ltd. v. TIG Insurance Co., No. 08-7338 (S.D. N.Y.).
Judge Jed S. Rakoff of the U.S. District Court for the Southern District of New York ruled that the arbitrator acted within his discretion to resolve the material factual disputes without discovery or an evidentiary hearing. The judge granted TIG Insurance Co.'s motion to confirm ...