Granite Re Awarded Interest in Crop Reinsurance Dispute

OMAHA, Neb. - A federal bankruptcy judge has awarded Granite Reinsurance Company Ltd. pre-judgment interest from the date each $3 million premium payment became due under a crop reinsurance contract that had been repudiated by Acceptance Insurance Co. Granite Reinsurance Company Ltd. v. Acceptance Insurance Co., No. 05-80059 (D. Neb. Bkcy. Ct.).

On Jan. 20, Judge Timothy J. Mahoney of the U.S. Bankruptcy Court for the District of Nebraska also awarded Granite Re post-judgment interest calculated at the federal statutory rate from the date of an earlier ruling in which he awarded the reinsurer unpaid premiums.

Granite Re, a Barbados …