STORY FROM: Reinsurance & Arbitration

N.Y. Federal Judge Confirms Reinsurance Arbitration Award in Favor of Continental

NEW YORK — A New York federal judge has confirmed an arbitration award requiring AXA Versicherung AG to pay Continental Insurance Co. $337,034, plus interest, pursuant to a retrocessional contract that covered Continental’s ceded asbestos and pollution losses.

In a Jan. 2 order, Judge Valerie E. Caproni of the U.S. District Court for the Southern District of New York awarded Continental the damages outlined in the award, plus interest at a rate of 9 percent per annum from the date 30 days after the date of each unpaid bill until the principal amount is paid.

Continental Reinsurance Corp. reinsured ...

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