STORY FROM: Reinsurance & Arbitration

IRB Says NICO’s Motion to Enforce Arbitration Award is Premature Due to Pending Appeal

NEW YORK — IRB Brasil Resseguros S.A. has opposed National Indemnity Co.’s motion for enforcement of an April 2015 arbitration award, arguing that the request is premature because IRB is appealing the court’s confirmation of that award.

In an April 22 opposition filed in the U.S. District Court for the Southern District of New York, IRB further contends that NICO’s request for attorneys’ fees and costs incurred in a related action pending in New Jersey are outside the scope of the arbitration award.

Companhia Siderurgica Nacional owns and operates the TECAR coal terminal in Brazil. CSN purchased insurance to ...

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