Offshore Reinsurers Ask Ohio Federal Judge to Confirm Arbitration Award
April 28, 2021
CINCINNATI — Two offshore reinsurers have asked an Ohio federal judge to confirm an arbitration award issued in their favor in a dispute concerning sums owed under their co-reinsurance agreement with Allegiance Financial Group Insurance Company Ltd.
In an April 14 petition filed in the U.S. District Court for the Southern District of Ohio, ARIP Reinsurance Ltd. and ARP Reinsurance Ltd. contend that after requesting two extensions, Allegiance has failed to pay $322,842.15, as required under the award.
ARIP and ARP, which are both domiciled in Turks and Caicos, each entered into a co-reinsurance agreement with Alliance, effective March 27, …