Applied Underwriters Reinsurer Drops Appeal of Arbitration Award Confirmation

SAN FRANCISCO — Applied Underwriters Captive Risk Assurance Company Inc. has dropped its appeal of the confirmation of an award requiring it to pay an employer $79,167, plus $3 million in arbitrator fees, in a dispute over sums owed under two reinsurance participation agreements.

On Aug. 27, the 9th Circuit U.S. Court of Appeals granted AUCRA’s motion to voluntarily dismiss the appeal, in which it planned to challenge a ruling by the U.S. District Court for the Northern District of California.

Mike Rose’s Auto Body Inc. (MRAB) entered into two reinsurance participation agreements with AUCRA in Oct. 1, 2009, and …