STORY FROM: Reinsurance & Arbitration
Fairmont Says it Does Not Oppose Continental’s Request for Confirmation of Arbitration Award
February 17, 2016
NEW YORK — Continental Insurance Co. (CIC) has asked a New York federal court to confirm a final reinsurance arbitration award, arguing that none of the grounds for vacatur or modification/correction are applicable.
In a Feb. 16 response filed in the U.S. District Court for the Southern District of New York, Fairmont conceded that the requirements set forth in 9 U.S.C. Section 9 have been met and, as such, the final award should be confirmed.
“Fairmont has satisfied its monetary obligations owed pursuant to the final award and does not oppose CIC’s petition,” the reinsurer stated.
According to CIC’s Jan. ...
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