Federal Judge Confirms $16.4 Million Award, Plus Interest, in Favor of AXA

NEW YORK - A federal judge has confirmed an award in which an arbitration panel refunded AXA Versicherung AG $15,357,760 overpaid by the reinsurer — plus $1 million in exemplary damages and 6.5 percent compound interest — during its participation in an AIG (NYSE:AIG) reinsurance facility.

In the July 27 unanimous award, an arbitration panel found that AIG “obscurely and imprecisely” communicated to AXA the nature of the reinsured risks and AXA’s true participation in the facility. The arbitration panel was comprised of umpire Richard L. White and arbitrators Mark S. Gurevitz and Jonathan Rosen.

In a Sept. 6 order, …