STORY FROM: Reinsurance & Arbitration

Reinsurance Arbitration Awards Confirmed in Dispute Between Transport, Lloyd’s

BOSTON — A Massachusetts federal court has confirmed interim and final arbitration awards in a dispute over reinsurance proceeds for Transport Insurance Co.’s settlement of underlying environmental contamination claims.

On Nov. 20, Judge Rya W. Zobel of the U.S. District Court for the District of Massachusetts granted Certain Underwriters at Lloyd’s London’s unopposed motion to confirm the awards.

Transport Insurance Co. insured chemical manufacturer Vulcan Materials Co. under liability policies in effect between 1963 and 1981. The policies were reinsured under three reinsurance treaties in effect from 1977 to 1981.

From 2000 through 2011, Vulcan submitted a number of claims ...

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