STORY FROM: Reinsurance & Arbitration

2nd Cir. Vacates Summary Judgment Award to Global Re, Remands for Consideration of Contract Terms

NEW YORK — A federal appellate court has vacated a ruling that the maximum amount Global Reinsurance Corp. is obligated to pay for underlying asbestos claims is capped for both losses and expenses, ruling that the trial court erred in its interpretation of the reinsurance contracts.

On May 9, the 2nd Circuit U.S. Court of Appeals held that the U.S. District Court for the Southern District of New York’s ruling that the contracts were unambiguous was based on an erroneous interpretation of New York state law.

Between 1971 and 1980, Century Indemnity Co. issued nine reinsurance certificates with Global. The ...

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