Awards Regarding Letters of Credit Confirmed; Century's Motion to Strike Denied

NEW YORK - A New York federal judge has confirmed arbitration awards relieving a London reinsurer of any obligation to post letters of credit for incurred-but-not-reported sums in a dispute involving documentation requirements for certain reinsurance claims. Century Indemnity Co. v. Certain Underwriters at Lloyd's London, No. 11-1040 (S.D. N.Y.).

On Jan. 9, Judge Richard J. Sullivan of the U.S. District Court for the Southern District of New York also denied cedent Century Indemnity Co.'s motion to strike certain portions of the reinsurer's cross-petition to confirm certain interim awards, ruling that it does not include "redundant, immaterial, impertinent, or scandalous …