STORY FROM: Reinsurance & Arbitration

Global Re Ordered to Pay $10 Million to Century Indemnity Following Defense Costs Ruling

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 ...

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