STORY FROM: Reinsurance & Arbitration
Superstorm Sandy Reinsurance Arbitration Must Take Place in New York, Federal Judge Rules
January 22, 2016
NEW YORK — A reinsurance dispute involving an underlying Superstorm Sandy property damage claim must be arbitrated in New York rather than London pursuant to the terms of the reinsurance certificate’s base-form arbitration clause, a New York federal judge has ruled.
On Jan. 22, Judge George Daniels of the U.S. District Court for the Southern District of New York ruled that Swiss reinsurer Infrassure Ltd. is not bound by an endorsement requiring arbitration in London because it applies to only reinsurers headquartered in the United Kingdom or Bermuda.
Metropolitan Transportation Authority obtained insurance coverage from its captive insurer, First Mutual ...
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