Fortress Re Opposes NEM Re’s Motion for Reconsideration in Reinsurance Recoverables Action

NEW YORK — Fortress Re has opposed NEM Re Receivables LLC’s request that a New York federal judge reconsider his dismissal of its action seeking $145,000 in reinsurance recoverables, asserting that NEM Re cannot present evidence showing that the action is timely.

In an April 21 motion filed in the U.S. District Court for the Southern District of New York, Fortress asserts that the sole basis of NEM Re’s motion is attorney neglect and that “such neglect, without any reasonable justification, does not satisfy the ‘excusable neglect’ standard for reconsideration.”

Fortress Re managed a reinsurance pool in which NEM Re’s …