STORY FROM: Reinsurance & Arbitration
NICO Asks Federal Judge To Enforce Awards Against Cedents
May 9, 2008
NEW YORK - National Indemnity Co. (NICO) has asked a New York federal judge to enforce earlier judgments confirming two arbitration awards that gave it the exclusive right to service claims and collect reinsurance proceeds under two retrocessional agreements. National Indemnity Co. v. Stonewall Insurance Co., et al., No. 08-CV-3718, (S.D. N.Y.).
In its April 18 complaint pending before Judge Robert W. Sweet of the U.S. District Court for the Southern District of New York, NICO says cedents Seaton Insurance Co. and Stonewall Insurance Co. violated the awards by demanding re-arbitration.
NICO assumed 100 percent of Seaton Insurance Co.'s liabilities ...