STORY FROM: Reinsurance & Arbitration
2nd Cir. Upholds Confirmation of Arbitration Awards in Long Running Retrocessional Dispute
February 2, 2017
NEW YORK — A federal appeals court has upheld confirmation of three arbitration awards issued in a long running retrocessional dispute between National Indemnity Co. and a Brazilian reinsurer, ruling that NICO’s party arbitrator did not act with evident partiality.
In a Feb. 1 summary order, the appellate court held that arbitrator Daniel Schmidt’s work as an arbitrator on behalf of NICO’s purported affiliate, Equitas, did not amount to evident partiality because his relationships with the two entities was purely professional.
Companhia Siderurgica Nacional (CSN) owns and operates the TECAR coal terminal in Rio De Janeiro, Brazil. CSN purchased ...
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