General Security Seeks Payment of $462,802 Award

NEW YORK - General Security National Insurance Co. has sued a Florida-based insurer and its affiliate in New York federal court, seeking payment of a $462,802 reinsurance arbitration award issued in October 2010. General Security National Insurance Co. v. AequiCap Insurance Co., et al., No. 10-9685 (S.D. N.Y.).

The Dec. 30 complaint, filed in the U.S. District Court for the Southern District of New York, accuses Aequicap Insurance Co. and AequiCap Program Administrators Inc. of failing to honor a performance bond that secured any adverse arbitration award.

According to the suit, General Security arbitrated a dispute with managing general agent …