Reinsurer Remains Obligated to Lloyd’s Syndicate Under Catastrophe Reinsurance Contract, N.Y. Judge Rules
May 25, 2021
NEW YORK — A New York state judge has confirmed a final arbitration award requiring reinsurer White Rock Insurance Co. to continue paying reinsurance claims made by a Lloyd’s syndicate under a collateralized catastrophe reinsurance contract.
In a May 18 order, Judge Andrew Borrok of the New York County Supreme Court rejected White Rock’s attempt to litigate the issue of whether certain provisions in the trust agreement released it from its obligation to continue paying the reinsurance claims. The judge explained that the arbitrators had already considered the argument and rejected it.
In 2017, White Rock Insurance Co. and Lloyd’s …
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