Federal Judge Confirms $15.8 Million Award Rendered Against ACIC

NEW YORK - A New York federal judge has confirmed a $15.8 million arbitration award that requires American Constantine Insurance Co. to pay two cedents reinsurance proceeds under a quota share contract. Clarendon America Insurance Co., et al., v. American Constantine Insurance Co., No. 10-2928 (S.D. N.Y.).

Judge George B. Daniels of the U.S. District Court for the Southern District of New York granted a petition to confirm filed by cedents Clarendon American Insurance Group and Praetorian Insurance Co., f/k/a Insurance Corporation of Hannover. Petitioners asserted that no grounds exist to support vacatur, modification or correction of the final award. …