Lloyd’s Underwriters Urge N.Y. Federal Court to Vacate Reinsurance Arbitration Award

NEW YORK — Certain Lloyd’s of London syndicates are urging a New York federal court to vacate an arbitration award, arguing that no losses implicated the third layer of reinsurance coverage and, as such, the arbitrators should not have issued an award against the third-layer reinsurers.

In their April 1 opposition filed in the U.S. District Court for the Southern District of New York, Underwriters further argue that the third-layer reinsurers were never given proper notice of the arbitration and were denied the opportunity to participate in the arbitration.

ICA writes workers’ compensation insurance for professional employment organizations. ICA purchased …