Continental Asks N.Y. Federal Court to Confirm Reinsurance Arbitration Award

NEW YORK — Continental Insurance Co. (CIC) has asked a New York federal court to confirm a final reinsurance arbitration award, arguing that none of the grounds for vacatur or modification/correction are applicable.

According to the Jan. 28 petition filed in the U.S. District Court for the Southern District of New York, the award was issued in an arbitration with Fairmont Premier Insurance Co. involving reinsurance for underlying asbestos claims filed against CIC’s insured, White Consolidated Inc.

CIC issued manufacturer White Consolidated a policy that was in effect from 1984 to 1985. Fairmont’s predecessor, TIG Premier Insurance Co., reinsured the …