STORY FROM: Reinsurance & Arbitration
Ariz. Federal Judge Confirms Reinsurance Arbitration Award, Denies Scottsdale’s Motion to Modify, Correct
February 19, 2016
PHOENIX — An Arizona federal judge has confirmed an arbitration award directing John Deere Insurance Co. to pay $888,198 in reinsurance proceeds, rejecting Scottsdale Insurance Co.’s argument that the award should be modified or corrected due to a mathematical error.
In a Feb. 16 order, Judge Paul Rosenblatt of the U.S. District Court for the District of Arizona said he lacks the authority under the Federal Arbitration Act to change the award because the arbitrators did not explain in the award how they arrived at the sum, nor were they required to.
John Deere Insurance Co. reinsured Scottsdale Insurance Co. ...
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