Federal Judge Orders Harel to Pay North Star $98,528

NEW YORK - A New York federal judge on Sept. 5 issued a default judgment requiring Harel Insurance Co. to pay North Star Reinsurance Corp. $84,124 pursuant to two retrocessional treaties issued in the early 1970s. North Star Reinsurance Corp. v. Harel Insurance Co. f/k/a Zion Insurance Company Ltd., No. 1:08-cv-02380-DAB, (S.D. N.Y.).

In accordance with a 2007 arbitration award issued against Harel's predecessor, Zion Insurance Company Ltd., Judge Deborah A. Batts of the U.S. District Court for the Southern District of New York, ruled that Harel is liable to North Star for $56,450 in past billings, $29,925 in security …