STORY FROM: Reinsurance & Arbitration

N.Y. Federal Judge Refuses to Reconsider Dismissal of NEM Re’s $145,000 Reinsurance Action

NEW YORK — A New York federal judge has refused to reconsider dismissal of NEM Re Receivables LLC’s action seeking $145,000 in reinsurance from Fortress Re Inc., ruling that NEM Re failed to present evidence that the applicable statute of limitations was tolled.

In a March 5 order, Judge Victor Marrero of the U.S. District Court for the Southern District of New York further held that the dismissal order was not a default judgment because NEM Re had submitted arguments in opposition, which were considered by the court before dismissing the action.

Fortress Re managed a reinsurance pool in which ...

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