Safebuilt Drops Appeal of $7.8 Million Ruling in Case Involving Captive Reinsurance Cell

NEW YORK — Safebuilt Insurance Services has dropped its appeal of a New York federal judge’s ruling requiring it to pay AmTrust North America Inc. and its affiliate $7.8 million to satisfy a judicially confirmed arbitration award issued against Pacific Re Inc. and its protected captive reinsurance cell.

In a Feb. 21 order, the 2nd Circuit U.S. Court of Appeals recognized the parties’ stipulation withdrawing the appeal.

Under a complex insurance/reinsurance program, United Specialty Insurance Co. would issue primary policies underwritten by Safebuilt Insurance Services Inc. on behalf of United Specialty Insurance Co. and AmTrust North America Inc.’s affiliate, Technology …