STORY FROM: Reinsurance & Arbitration

Clearwater Challenges Utica’s Bill for $800,000 in Prejudgment Interest, Says Calculations Flawed

ALBANY, N.Y. — In the wake of a New York federal judge’s award of summary judgment to Utica Insurance Co. in a reinsurance dispute, Clearwater is challenging Utica’s assertion that it is entitled to $800,000 in prejudgment interest, arguing that the interest calculation “overreaches and otherwise contains a series of minor errors.”

In its opposition filed in the U.S. District Court for the Southern District of New York, Clearwater maintains that Utica's interest calculation is flawed because “it calculates interest on billings that Clearwater paid well before Utica filed this litigation and for which Utica did not seek relief; it ...

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