Reinsurer Must Continue Paying Syndicate’s Claims, N.Y. Appellate Panel Affirms
February 16, 2022
NEW YORK — A New York appellate panel has affirmed that White Rock Insurance Co. must continue paying reinsurance claims made by a Lloyd’s syndicate under a collateralized catastrophe reinsurance contract.
In a Feb. 15 opinion, the New York Appellate Division, 1st Department, ruled that White Rock may not litigate the issue of whether the parties’ trust agreement released it from its obligation to continue paying the reinsurance claims, explaining that the arbitrators had already considered that argument and rejected it.
In 2017, White Rock Insurance Co. and Lloyd’s Syndicate 4242 entered into a Property Catastrophe Excess of Loss …