STORY FROM: Reinsurance & Arbitration
Safebuilt to Appeal Ruling Requiring Payment of $7.8 Million Arbitration Award Against Pac Re
December 8, 2016
NEW YORK — Safebuilt Insurance Services says it is appealing a New York federal judge’s ruling requiring it 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.
According to a Dec. 2 notice of appeal, Safebuilt is challenging in the 2nd Circuit U.S. Court of Appeals Judge Colleen McMahon of the U.S. District Court for the Southern District of New York’s determination that Safebuilt is obligated under a reinsurance program participation agreement to fund the liabilities of the captive cell....
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Notice of Appeal