ROM Must Proceed With Reinsurance Arbitration, N.Y. Appellate Court Rules

NEW YORK — ROM Reinsurance Management Corp. must proceed with an arbitration of a reinsurance dispute, a New York appeals court has affirmed, upholding a trial court’s denial of ROM’s motion for a stay on statute of limitations grounds.

In a May 21 opinion, the New York Appellate Division, First Department, found ROM waived its right to seek a stay because it participated in the arbitrator selection process.

Continental Insurance Company Inc. sought reinsurance coverage for asbestos-related claims brought against its insured, J.T. Thorpe.

Continental demanded arbitration and ROM asked the New York County Supreme Court to stay the …