Retrocessionaires Seek Confirmation of Award in $1.7 Million Case

DETROIT - In a $1.7 million dispute involving asbestos and pollution losses, a group of retrocessionaires have asked a Michigan federal judge to confirm an arbitration award rendered in their favor last year. American Bankers Insurance Company of Florida v. National Casualty Co., No. 2:08-cv-13522 (E.D. Mich.).

The petition is before Judge George Caram Steeh of the U.S. District Court for the Eastern District of Michigan.

American Bankers Insurance Company of Florida, Peerless Indemnity Insurance Co., General Star National Insurance Co. and XL Reinsurance America Inc. issued two consecutive excess of loss casualty retrocessional agreements to National Casualty, effective January …