STORY FROM: Reinsurance & Arbitration
AmTrust’s Breach of Contract Claim to Proceed Against Captive Reinsurer
July 18, 2019
NEW YORK — A New York federal judge has refused to dismiss AmTrust North America Inc.’s claims that a captive reinsurer breached a reinsurance agreement by failing to post the full amount of security required by the contract.
In a July 11 order, Judge Edgardo Ramos of the U.S. District Court for the Southern District of New York also dismissed the reinsurer’s counterclaims seeking rescission of the reinsurance contract, ruling that the parties never mutually rescinded the agreement.
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