STORY FROM: Reinsurance & Arbitration
Arrowood, Reinsurers, Agree to Dismissal of N.Y. Federal Action Involving Seven Reinsurance Treaties
January 19, 2016
NEW YORK — Arrowood Indemnity Co. and three reinsurers have settled a dispute involving seven reinsurance treaties and have agreed to dismissal of the action.
Judge Louis L. Stanton of the U.S. District Court for the Southern District of New York dismissed the action on Jan. 12 with prejudice.
Arrowood entered into the seven reinsurance treaties between 1967 and 1971 with reinsurers Employers Insurance Company of Wausau, Nationwide Mutual Insurance Co. and National Casualty Co. After the reinsurers failed to pay claims that Arrowood submitted in 2009, Arrowood served each reinsurer with an arbitration demand in 2011.
The parties were ...
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