Mariah Re Appealing $100 Million Catastrophe Bond Ruling to 2nd Circuit

NEW YORK — Mariah Re Ltd. is appealing a New York federal judge’s dismissal of its catastrophe bond lawsuit against American Family Mutual Insurance Co., a reporting agency and a risk consultant.

Mariah Re is appealing to the 2nd Circuit U.S. Court of Appeals an order issued by the Southern District of New York. In the order, the District Court ruled that American Family did not improperly withdraw $100 million in reinsurance funds and that the reporting agency and risk consultant properly issued and relied upon a revised catastrophe bulletin in determining Mariah Re’s reinsurance obligation.

American Family offers …