STORY FROM: Reinsurance & Arbitration

Reinsurer May Seek Confirmation of Legion Arbitration Award, Ill. Federal Judge Rules

CHICAGO — An Illinois federal judge has refused to stay an action in which a reinsurer seeks to confirm an arbitration award issued in its favor and against the liquidator of Legion Indemnity Co., ruling that adjudication of the petition would not “invalidate, impair or supersede” state insurance liquidation laws.

In a March 22 order, Judge Manish Shah of the U.S. District Court for the Northern District of Illinois explained that in confirming the arbitration award, he would not “decide the existence of liability and amount” that the liquidator owes Catalina. Rather, the judge will be “performing a very limited ...

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