1st Cir. Denies Integrand Receiver’s Urgent Motion to Stay Reinsurance Arbitration
June 23, 2020
BOSTON — A federal appeals court has refused to stay arbitration of a $56 million reinsurance case filed by the receiver of Integrand Assurance Co., finding it unlikely that the receiver would succeed on its argument that McCarran-Ferguson Act reverse-preempts the Federal Arbitration Act.
In a June 17 order, the 1st Circuit U.S. Court of Appeals also rejected the receiver’s argument that it would suffer irreparable harm absent a stay.
Hurricane Irma hit Puerto Rico in September 2017, causing significant damage to the island’s infrastructure, properties and businesses, many of which were without electricity and could not operate. Puerto Rico …