STORY FROM: Reinsurance & Arbitration
Global Re Ordered to Pay $10 Million to Century Indemnity Following Defense Costs Ruling
April 13, 2020
NEW YORK — A New York federal judge has ordered Global Reinsurance Corporation of America to pay more than $10 million to Century Indemnity Co., following her determination that the reinsurer’s obligation to pay defense costs is not capped.
In an April 8 order, Judge Lorna Schofield of the U.S. District Court for the Southern District of New York held that Global must pay $2,255,406.56 for the unpaid portions of Century’s reinsurance billings submitted between May 2012 and January 19.
Global must also pay $776,528.46 in pre-judgment interest calculated at the statutory rate of 9 percent per annum simple from ...