STORY FROM: Reinsurance & Arbitration
Parties Dispute Amount of Prejudgment Interest Clearwater Owes on $5.7 Million Principal Sum
February 15, 2016
ALBANY, N.Y. — Following a New York federal judge’s award of summary judgment to Utica Insurance Co. in a dispute over reinsurance billings for an asbestos settlement, the parties have filed a joint submission in which they outlined their disagreement as to how much prejudgment interest is owed on the principal sum of $5.7 million due Utica.
In a Feb. 12 submission filed in the U.S. District Court for the Northern District of New York by Utica and Clearwater Insurance Co., the parties explained that they disagree as to whether Clearwater owes interest on certain of the reinsurance billings.
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