STORY FROM: Reinsurance & Arbitration
Judge Confirms $2 Million Award in Favor of Clearwater
April 22, 2009
NEW YORK - A New York federal judge has confirmed a $2 million arbitration award that requires a group of London Market Reinsurers to pay Clearwater Insurance Co. under a series of retrocession agreements. Clearwater Insurance Co. v. Allianz Cornhill International, et al., No. 08-8695 (S.D. N.Y.).
In an April 3 order, Judge Alvin K. Hellerstein of the U.S. District Court for the Southern District of New York, confirmed the July 23 final award, which requires the reinsurers to pay $629,685 in compensation, $370,805.50 in attorney fees and $987,103 in interest.
Thirty-seven London Market Reinsurers (LMR), including Allianz Cornhill International, ...