STORY FROM: Reinsurance & Arbitration
Lloyd’s, Transport Insurance Resolve Mass. Reinsurance Arbitration Dispute
June 21, 2018
BOSTON — Certain Underwriters at Lloyd’s London and Transport Insurance Co. have resolved their dispute over arbitration of a dispute over reinsurance billings for underlying litigation involving Vulcan Materials Co.’s liability for environmental losses.
In a June 15 joint stipulation filed in the U.S. District Court for the District of Massachusetts, the parties agreed to dismissal without prejudice of all claims and causes of action.
Underwriters and Transport are parties to a “Fifth Excess Casualty Reinsurance Contract,” effective April 1, 1980, to April 1, 1981. The treaty contains an arbitration provision calling for “arbitration of any dispute or other matter ...
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