STORY FROM: Reinsurance & Arbitration
Reinsurers Withdraw Challenge of $45 Million Asbestos-Related Arbitration Award
August 25, 2016
NEW YORK — Certain London reinsurers have dropped their appeal challenging a New York federal judge’s denial of their motion to compel a second arbitration on the issue of whether a Common Cause Coverage provision bars coverage for asbestos claims made after the reinsurance contract period.
According to an Aug. 19 mandate filed in the 2nd Circuit U.S. Court of Appeals the parties stipulated to withdraw dispute, in which the reinsurers were challenging an arbitration award requiring them to pay Arrowood $45 million for the asbestos claims.
In the 1960s, Arrowood entered into a reinsurance agreement with Certain Underwriters at ...