N.Y. Federal Judge Confirms Final Award in Reinsurance Arbitration Dispute

NEW YORK — A New York federal judge has confirmed an arbitration award requiring two foreign reinsurers to reimburse AIU Insurance Co. $836,032 for underlying asbestos claims filed against its policyholders, finding there is no basis to vacate the award.

Judge Valerie Caproni of the U.S. District Court for the Southern District of New York confirmed the final award on Aug. 2.

AIU paid asbestos-related losses under policies it issued to Transamerica and Kaiser Aluminum & Chemical Corp. AIU then billed Bothnia International Insurance Company Ltd. and Lansforsakringbolagens AB for their alleged share of those payments under a Casualty Special …