Cedent Awarded $2.9 Million in Prejudgment Interest in N.Y. Federal Reinsurance Action

NEW YORK – A New York federal judge has awarded $2,966,993.31 in prejudgment interest to Fireman’s Fund Insurance Co. in a reinsurance dispute involving a $35 million settlement of asbestos claims, ruling that the accrual date was 31 days after the invoices were submitted to OneBeacon Insurance Co.

On Nov. 30, Judge Paul G. Gardephe of the U.S. District Court for the Southern District of New York concluded that the 31-day period sought by FFIC is reasonable. The judge rejected OneBeacon’s argument that it had 90 days to pay the invoices, thus the accrual period began 90 days after the …