Arrowood Opposes Reinsurers’ Efforts to Overturn Confirmation of $40 Million Award

NEW YORK — Arrowood Insurance Co. is challenging reinsurers’ efforts to overturn a judicial confirmation of a $40 million arbitration award, arguing that a recently discovered document relied upon by the reinsurers is not relevant to the parties’ intent in negotiating the reinsurance program’s coverage restrictions.

In its Feb. 6 opposition filed in the U.S. District Court for the Southern District of New York, Arrowood argues that the document is not a “smoking gun” and “would not have been granted a scintilla of weight” by the arbitration panel.

In the 1960s, Certain Underwriters at Lloyd’s of London were asked to …