STORY FROM: Reinsurance & Arbitration
1st Cir. Denies Integrand Receiver’s Urgent Motion to Stay Reinsurance Arbitration
June 23, 2020
BOSTON — A federal appeals court has refused to stay arbitration of a $56 million reinsurance case filed by the receiver of Integrand Assurance Co., finding it unlikely that the receiver would succeed on its argument that McCarran-Ferguson Act reverse-preempts the Federal Arbitration Act.
In a June 17 order, the 1st Circuit U.S. Court of Appeals also rejected the receiver’s argument that it would suffer irreparable harm absent a stay.
Hurricane Irma hit Puerto Rico in September 2017, causing significant damage to the island’s infrastructure, properties and businesses, many of which were without electricity and could not operate. Puerto Rico ...