STORY FROM: Reinsurance & Arbitration
Mass. Federal Judge Asked to Stay Counterclaims Against Insolvent Reinsurer
February 7, 2020
BOSTON — The parties in a reinsurance coverage action have asked a Massachusetts federal judge to stay counterclaims asserted by Lamorak Insurance Co. against an English reinsurer in light of the reinsurer’s recent bankruptcy order.
According to the joint motion filed on Jan. 28 in the U.S. District Court for the District of Massachusetts, Stronghold Insurance Company Ltd. has been subject to insolvency-related proceedings in England and was placed into formal administration on June 27.
On Sept. 27, Stronghold’s foreign representative petitioned the U.S. Bankruptcy Court for the Southern District of New York, seeking recognition of Stronghold’s foreign administration proceeding ...
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