ProSight Asks Court to Send $2.8 Million Suit to Arbitration

NEW YORK - ProSight Specialty Management Company Inc. asserts that a $2.8 million suit filed by a Japanese reinsurer should be sent to arbitration, arguing that the claims fall within the arbitration clause of the parties' reinsurance contracts. Aioi Nissay Dowa Insurance Co. Ltd. v. ProSight Specialty Management Company Inc., No. 11-1330 (S.D. N.Y.).

In its motion, filed in the U.S. District Court for the Southern District of New York, ProSight asserts that the arbitration clause also applies to related reinstatement premium protection contracts. The reinsurer is accusing ProSight of concealing the fact that it reached commutations with two other …