STORY FROM: Reinsurance & Arbitration
Safebuilt Drops Appeal of $7.8 Million Ruling in Case Involving Captive Reinsurance Cell
February 24, 2017
NEW YORK — Safebuilt Insurance Services has dropped its appeal of 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.
In a Feb. 21 order, the 2nd Circuit U.S. Court of Appeals recognized the parties’ stipulation withdrawing the appeal.
Under a complex insurance/reinsurance program, United Specialty Insurance Co. would issue primary policies underwritten by Safebuilt Insurance Services Inc. on behalf of United Specialty Insurance Co. and AmTrust North America Inc.’s affiliate, Technology ...
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