Century Seeks Confirmation of $11.6 Million Award

NEW YORK - Century Indemnity Co. has asked a New York federal judge to confirm an $11.6 million arbitration award issued against Clearwater Insurance Co., which involved underlying asbestos claims brought against Formosa Plastics Corp. Century Indemnity Co. v. Clearwater Insurance Co., No. 11-1038 (S.D. N.Y.).

The Feb. 9 petition, filed in the U.S. District Court for the Southern District of New York, seeks payment of the award, which was comprised of interest on a sum previously paid by Clearwater and future reinsurance billings.

Century's predecessor, Insurance Company of North America, was reinsured under a treaty that was in effect …