STORY FROM: Reinsurance & Arbitration
N.Y. Federal Judge Denies NICO’s Motion to Enforce Reinsurance Arbitration Award
May 19, 2016
NEW YORK — A New York federal judge has denied National Indemnity Co.’s motion 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.
On May 17, Judge Naomi Buchwald of the U.S. District Court for the Southern District of New York called NICO’s motion “ill-timed and ill-conceived.” The judge also denied NICO’s request for oral argument “given the extensive opportunity for briefing.” In a separate order issued on the same date, the judge granted IRB’s ...
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