Ohio Federal Judge Confirms Reinsurance Arbitration Award
August 17, 2021
CINCINNATI — An Ohio federal judge has confirmed an arbitration award issued in two offshore reinsurers’ favor in a dispute concerning sums owed under their co-reinsurance agreement with Allegiance Financial Group Insurance Company Ltd.
On July 29, Judge Douglas R. Cole of the U.S. District Court for the Southern District of Ohio ordered Allegiance to pay ARIP Reinsurance Ltd. and ARP Reinsurance Ltd. $331,289.11, which includes $8,447 in interest.
ARIP and ARP, which are both domiciled in Turks and Caicos, each entered into a co-reinsurance agreement with Allegiance, effective March 27, 2013. Allegiance is domiciled in the British Virgin Islands …