STORY FROM: Reinsurance & Arbitration
Parties Agree to Lift Stay in Reinsurance Dispute, Allowing Arbitration Panel Selection
January 7, 2020
PHILADELPHIA — Everest Reinsurance Co. and its cedent have agreed to lift a stay in a reinsurance dispute, allowing the selection of new arbitration panel which will decide whether the arbitration should be consolidated with an earlier arbitration involving two other reinsurers.
In a Jan. 7 stipulation and order, Everest and Pennsylvania National Casualty Insurance Co. stipulated that the stay, which was issued on May 22, is lifted effective immediately.
From 1991 to 1996, Pennsylvania National Mutual Casualty Insurance Co. entered into several excess-of-loss reinsurance treaties with multiple reinsurers, including Everest. The treaties were comprised of layers defined ...
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