STORY FROM: Reinsurance & Arbitration
NICO Urges N.Y. Federal Judge to Enforce Award, Opposes IRB Brasil’s Motion for Stay
May 6, 2016
NEW YORK — National Indemnity Co. is urging a New York federal judge to enforce an April 2015 arbitration award allowing it to retain the premium it received for its reinsurance of IRB Brasil Resseguros S.A. and to award it $468,841.19 in attorneys’ fees and other costs.
In briefs filed April 29 in the U.S. District Court for the Southern District of New York, NICO has also opposed IRB’s motion to stay adjudication of NICO’s motion, arguing that IRB’s obligation to indemnify and hold NICO harmless is not contingent upon any future event.
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