Reinsurer Says Foreign Insurer Should Post Bond Exceeding $5M
Mealey's (May 17, 2016, 11:43 AM EDT) -- NEW YORK — A reinsurer on May 16 asked a federal court in New York to order a foreign insurer to post a bond to cover a $5 million settlement with an underlying insured, certain attorney fees and costs while an appeal of the court’s confirmation of a number of arbitration awards is pending (National Indemnity Company v. IRB Brasil Resseguros S.A., No. 15-cv-03975, S.D. N.Y.).
(Response to sur-reply available. Document #12-160520-008B.)
National Indemnity Co. (NICO) sued IRB Brasil Resseguros S.A., a Brazilian insurer, in the...