STORY FROM: Reinsurance & Arbitration
General Agent Ordered to Pay $7.8 Million to Satisfy Reinsurance Arbitration Award
November 9, 2016
NEW YORK — A New York federal judge has ordered Safebuilt Insurance Services to pay AmTrust North America Inc. and its affiliate $7.8 million to satisfy a judicially confirmed arbitration award issued against Pacific Re Inc. and its protected captive reinsurance cell.
On Nov. 3, Judge Colleen McMahon of the U.S. District Court for the Southern District of New York concluded that Safebuilt is obligated under a reinsurance program participation agreement to fund the liabilities of the captive cell.
Under a complex insurance/reinsurance program, United Specialty Insurance Co. would issue primary policies underwritten by Safebuilt Insurance Services Inc. on behalf ...
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