N.Y. Federal Judge Confirms Reinsurance Arbitration Award in Goulds Pumps Dispute

NEW YORK — A New York federal judge has confirmed a final reinsurance arbitration award that requires R&Q Reinsurance Co. to indemnify Utica Mutual Insurance Co. for sums it paid to settle asbestos claims brought against Goulds Pumps Inc.

On Feb. 14, Judge Paul A. Engelmayer of the U.S. District Court for the Southern District of New York rejected Utica’s argument that the award is not final because it does specify how much R&Q owes Utica under the facultative reinsurance certificates. The judge explained that the parties asked the arbitrators to resolve their dispute at a conceptual, rather than mathematical, …