STORY FROM: Reinsurance & Arbitration
Mich. Federal Judge Orders Return of $3.5 Million to Meadowbrook Following Vacatur of Arbitration Award
March 28, 2017
CINCINNATI — Pursuant to a federal appeal court’s vacatur of an arbitration award requiring Meadowbrook Insurance Group to pay National Union Fire Insurance Company of Pittsburgh $3.5 million in reinsurance funds, a Michigan judge has ordered return of the funds to Meadowbrook.
On March 23, Judge Victoria A. Roberts of the U.S. District Court for the Eastern District of Michigan ordered National Union to return to Meadowbrook the vacated interim award of $3,534,794.44, with interest, calculated on the Michigan simple interest rate.
National Union Fire Insurance Company of Pittsburgh issued a three-year Underlying Per Occurrence Excess of Loss Reinsurance Treaty, ...
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