Brazilian Reinsurer to Appeal Enforcement of Award Requiring it to Fund $5 Million Settlement

NEW YORK - A Brazilian reinsurer is appealing a federal judge's enforcement of an arbitration award requiring the reinsurer to fund a $5 million settlement of a reinsurance premium dispute between National Indemnity Co. and an insured.

According to a Feb. 22 notice of appeal filed in the 2nd Circuit U.S. Court of Appeals, IRB Brasil Resseguros S.A. will challenge a finding by the U.S. District Court for the Southern District of New York that the settlement was reasonable and not made in bad faith.

Companhia Siderurgica Nacional S.A. (CSN), a Brazilian mining and steelmaking conglomerate, owns and operates the …