Clearwater Seeks Confirmation of $2 Million Award

New York - Clearwater Insurance Co. has petitioned a New York federal court to confirm an arbitration award requiring a group of London Market reinsurers (LMRs) to pay $2 million in retrocessional proceeds. Clearwater Insurance Co. v. Allianz Cornhill International, et al., No. 08-8695 (S.D. N.Y.).

In its Nov. 24 petition, filed in the U.S. District Court for the Southern District of New York, Clearwater asserts that the amended final award, which requires the reinsurers to pay $1,912,799, "conforms to the requirements of 9 U.S.C. § 9."

In their Nov. 24 reply, the reinsurers assert that the award is unenforceable …