Reinsurers Move for Confirmation of Arbitration Award in Ohio Federal Court
July 27, 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 a July 22 motion 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.
The reinsurers also seek 5 percent simple interest on the amount of the award from Jan. 20 to the entry of …