STORY FROM: Reinsurance & Arbitration

Lloyd’s Underwriters Ask Mass. Judge to Bar Transport from Initiating ‘Duplicative’ Arbitration

BOSTON — Certain Underwriters at Lloyd’s, London have asked a Massachusetts federal judge to enjoin Transport Insurance Co. from initiating a “duplicative” arbitration involving the same reinsurance coverage issues that are the subject of a previous demand for arbitration asserted by Underwriters.

In a March 23 motion filed in the U.S. District Court for the District of Massachusetts, Underwriters says Transport’s arbitration demand is merely another tactic designed to frustrate Underwriters’ efforts to enforce their rights under a reinsurance contract that reinsured Transport policies issued to Vulcan Materials Co.

Transport Insurance Co. insured chemical manufacturer Vulcan under policies in effect ...

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