STORY FROM: Reinsurance & Arbitration
N.Y. Judge Unseals Award in $3.3 Million Case
April 28, 2008
NEW YORK - A New York federal judge today unsealed two arbitration awards in which Global Reinsurance Corp.'s demand for $2.7 million in commutation balances was denied and its claim for $629,605 in non-commutation balances was granted. Global Reinsurance Corporation-U.S. Branch v. Argonaut Insurance Co., Nos. 07-8196 and 07-8350 (S.D. N.Y.).
Judge P. Kevin Castel denied Global Re's motion to seal the awards, ruling that Global Re would not be harmed if the documents were made public.
Argonaut Reinsurance Co. issued several retrocessional treaties to Global Reinsurance Corp. In December 2004 and January 2005, Global demanded arbitration against Argonaut ...