STORY FROM: Reinsurance & Arbitration
Transfercom Must Post $365,539 Letter of Credit
April 20, 2009
NEW YORK - Yasuda Fire & Marine Insurance Co.'s successor must comply with a final arbitration award and post a $365,539 letter of credit to secure outstanding loss reserves under certain reinsurance contracts with Mutual Marine Office Inc., a federal judge has ruled. Mutual Marine Office Inc. v. Transfercom Ltd., No. 08-10367 (S.D. N.Y.).
In an April 15 order, Judge Paul G. Gardephe of the U.S. District Court for the Southern District of New York granted MMO's petition to confirm the award.
This action arises from an arbitration between MMO and Yasuda concerning Yasuda's obligations under certain marine reinsurance ...