STORY FROM: Reinsurance & Arbitration

Brazilian Reinsurer Opposes NICO’s Efforts to Enforce March 2015 Arbitration Award

NEW YORK — A Brazilian reinsurer is opposing National Indemnity Co.’s efforts to enforce a federal court’s confirmation of a March 2015 reinsurance arbitration award, arguing that a settlement between NICO and an insured extinguished IRB’s indemnification obligation.

In its June 14 opposition filed in the U.S. District Court for the Southern District of New York, IRB Brasil Resseguros S.A. (IRB) further argues that NICO’s demand for $497,901.69 in attorneys’ fees is moot because IRB has already paid $460,000 and has started the payment process for the remaining $37,901.69.

Companhia Siderurgica Nacional (CSN) owns and operates the TECAR coal terminal ...

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