Judge Confirms $186,952 Award in Favor of Global Re

NEW YORK - A New York federal judge has confirmed an arbitration award pursuant to which Argonaut Insurance Co. paid Global Reinsurance Corp. $186,952 in retrocessional proceeds. Global Reinsurance Corp. v. Argonaut Insurance Co., No. 08-8482 (S.D. N.Y.).

U.S. District Judge Kevin P. Castel said he found no reason to vacate the award, in which arbitrators also denied Argonaut's request for dismissal of all future retrocessional claims against Global.

Argonaut issued a series of retrocessional contracts to Global. In June 2008, Global referred two claims to arbitration, which arose from Global's obligations to its cedents, The Hartford and subsidiary First …