AXA Plans to Pay Reinsurance Arbitration Award, Continental Tells Judge

NEW YORK — Continental Insurance Co. says AXA Versicherung AG will not oppose its motion to confirm a final arbitration award requiring AXA to pay $337,034, plus interest, pursuant to a retrocessional contract that covered ceded asbestos and pollution losses.

In a Sept. 11 letter to Judge Valerie E. Caproni of the U.S. District Court for the Southern District of New York, Continental said AXA plans to pay Continental in full according to the terms of the award.

Continental Reinsurance Corp. reinsured its affiliate, Continental Insurance Co., with respect to all lines of property, casualty and marine business. In turn, …