N.Y. Federal Judge Orders Brazilian Reinsurer to Pay $5 Million Settlement

NEW YORK - A New York federal judge has ordered a Brazilian reinsurer to fund a $5 million settlement of a reinsurance premium dispute between National Indemnity Co. and an insured, finding the agreement was reasonable and reached in good faith.

On Jan. 23, Judge Naomi Reice Buchwald of the U.S. District Court for the Southern District of New York enforced an arbitral award that the court confirmed in March 2016 against the reinsurer, IRB Brasil Resseguros S.A.

Companhia Siderurgica Nacional S.A. (CSN), a Brazilian mining and steelmaking conglomerate, owns and operates the TECAR coal terminal in Rio de Janeiro. …