STORY FROM: Reinsurance & Arbitration

Brazilian Reinsurer Says it Does Not Oppose CSN's Motion to Intervene in Award Enforcement Motion

NEW YORK — Brazilian reinsurer IRB Brasil Resseguros S.A. says it does not oppose a policyholder’s efforts to participate in National Indemnity Co.’s motion to enforce a March 2015 reinsurance arbitration award, and that further briefing on the issue is not necessary.

In a July 14 response filed in the U.S. District Court for the Southern District of New York, IRB maintains that the motion to intervene concerns Companhia Siderurgica Nacional S.A.’s attempt to recover from IRB sums it spent in an unsuccessful effort to force IRB to provide reinsurance to CSN’s insurers.

According to CSN’s June 30 motion to ...

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