$1.5 Million Reinsurance Dispute Involving Arbitrator’s Non-Disclosure Settles in N.Y.

NEW YORK — A dispute over whether a $1.5 million reinsurance arbitration award should be vacated on the basis of an arbitrator’s undisclosed financial relationship with one of the parties has settled, following a federal appeals court’s reinstatement of the case.

According to a Dec. 6 filing in the U.S. District Court for the Southern District of New York, the Florida Department of Financial Services, as receiver of Insurance Company of the Americas, has resolved its dispute with Certain Underwriting Members at Lloyd’s of London.

Insurance Company of the Americas (ICA) wrote workers’ compensation insurance for professional employment organizations. ICA …