STORY FROM: Reinsurance & Arbitration
Lloyd’s Syndicates Sue to Compel Transport Insurance to Participate in Reinsurance Arbitration
May 22, 2017
BOSTON — A group of Lloyd’s of London syndicates have asked a Massachusetts federal judge to compel Transport Insurance Co. to arbitrate a dispute over reinsurance billings for underlying litigation involving Vulcan Materials Co.’s liability for environmental losses.
In an April 11 complaint filed in the U.S. District Court for the District of Massachusetts, Underwriters also seek to enjoin Transport from settling the Transport-Vulcan litigation without Underwriters’ involvement during the pendency of the parties’ arbitration.
Underwriters and Transport are parties to a “Fifth Excess Casualty Reinsurance Contract,” effective April 1, 1980, to April 1, 1981. The treaty contains an ...
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