STORY FROM: Reinsurance & Arbitration
Legion Liquidator Seeks Remand of Petition to Confirm Arbitration Award
November 8, 2018
CHICAGO — Legion Indemnity Co.’s liquidator has moved to remand a reinsurer’s petition to confirm an arbitration award, arguing that the liquidation court has subject matter jurisdiction over the matter pursuant to the McCarran-Ferguson Act because it involves the business of insurance.
In an Oct. 29 motion filed in the U.S. District Court for the Northern District of Illinois, the liquidator asserts that allowing a federal court to decide Catalina Holdings (Bermuda) Ltd.’s petition to confirm would “invalidate, impair or supersede” the Illinois Liquidation Statute
According to the petition, Legion entered into five quota share reinsurance contracts with Catalina’s predecessors, ...
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