Transport Agrees that Reinsurance Arbitration Award Should Be Confirmed

BOSTON — Transport Insurance Co. says it agrees with Certain Underwriters at Lloyd’s London that a reinsurance arbitration award involving Transport’s settlement of underlying environmental contamination claims brought against its insured should be confirmed.

In a Sept. 11 answer to Underwriters’ petition for confirmation filed in the U.S. District Court for the District of Massachusetts, Transport summarily asserts that “the arbitration award should be confirmed and judgment entered thereon.”

Transport Insurance Co. insured chemical manufacturer Vulcan Materials Co. under liability policies in effect between 1963 and 1981. The policies were reinsured under three reinsurance treaties in effect from 1977 to …