STORY FROM: Reinsurance & Arbitration

AmTrust, Safebuilt, Negotiating Global Settlement of $9.3 Million Reinsurance Fraud Action

NEW YORK — A New York federal judge has agreed to extend the deadline for filing summary judgment motions in a $9.3 million reinsurance fraud action between AmTrust North America Inc. and Safebuilt Insurance Services in light of a possible settlement.

Judge Colleen McMahon of the U.S. District Court for the Southern District of New York granted the parties’ request on March 3, in response to counsel’s assurances that “real progress” has been made in achieving a resolution of the dispute.

Under the “Safebuilt Reinsurance Program,” Safebuilt, an entity controlled by David Pike and Philip Salvagio, was to underwrite primary ...

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