STORY FROM: Reinsurance & Arbitration

Gramercy Receiver’s $1 Million Claim Subject to Arbitration, Insurer Maintains

AUSTIN, Texas — In support of its argument that a $1 million claim filed by the special deputy receiver of Gramercy Insurance Co. should be arbitrated, Contractor’s Bonding Ltd. asserts that the claim is for breach of contract and therefore falls within the arbitration provision in the parties’ reinsurance contract.

In a Sept. 12 response filed in the U.S. District Court for the Western District of Texas, CBL further maintains that it has not waived its contractual right to arbitration.

Gramercy and New Zealand insurer CBL entered into a reinsurance agreement pursuant to a reinsurance program involving Danish insurer Topdanmark ...

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