London-Based Reinsurers Say Arbitration Panel Exceeded Its Authority
Mealey's (March 23, 2016, 12:08 PM EDT) -- NEW YORK — A group of London based third-layer reinsurance underwriters told a federal court in New York on March 18 that an arbitration award against them is improper and should be vacated or modified (Certain Underwriting Members at Lloyd’s, London Subscribing to Treaty No. 0272/04 v. Insurance Company of the Americas, No. 16-cv-00374, S.D. N.Y.).
(Reply available. Document #12-160401-002B.)
Certain Underwriting Members at Lloyd’s, London Subscribing to Treaty No. 0272/04 (the third-layer underwriters) sued Insurance Company of the Americas (ICA) on Jan. 18, 2016, in...