Reinsurers Urge N.Y. Federal Court to Overturn Confirmation of $40 Million Arbitration Award

NEW YORK — Reinsurers are challenging Arrowood Insurance Co.’s argument that judicial confirmation of a $40 million arbitration award should not be overturned, asserting that Arrowood deliberately concealed material evidence during the arbitration proceedings.

In their Feb. 20 reply brief filed in the U.S. District Court for the Southern District of New York, the reinsurers contend that the ruling should be overturned pursuant to Federal Rule of Civil Procedure 60, which provides relief from a judgment or order.

In the 1960s, Certain Underwriters at Lloyd’s of London were asked to participate on Arrowood’s new “Global Slip” reinsurance program, which incepted …