AIG, AXA Settle New York Battle Over Umpire Selection Process

NEW YORK — American International Group and AXA Versicherung have settled their heated battle over the appointment of an umpire to oversee the arbitration of a reinsurance dispute.

On Jan. 22, Judge John G. Koeltl of the U.S. District Court dismissed the action without prejudice, explaining that the parties have resolved the dispute.

AXA reinsured construction and erection all-risks policies written by AIG. In March 2012, AXA audited AIG’s books and records, after which it accused AIG of violating the treaties. AXA alleges that AIG owes it approximately $77 million.

AIG demanded arbitration against AXA and each party appointed an …