STORY FROM: Reinsurance & Arbitration
Puerto Rican Insurer Opposes Reinsurers’ Bid to Dismiss Hurricane Lawsuit
May 14, 2019
SAN JUAN, Puerto Rico — A Puerto Rican insurer says its dispute with a group of reinsurers over coverage for two hurricanes is not arbitrable because the arbitration clause in the reinsurance contracts at issue is null and void.
In its May 7 response to the reinsurers’ motion to dismiss, filed in the U.S. District Court for the District of Puerto Rico, Integrand Assurance Co. argues that because the parties have reached an impasse in the arbitrator selection process, the court must hear its lawsuit seeking more than $56 million in reinsurance coverage.
On Sept. 6, 2017, Hurricane Irma hit ...