United States:
Decade-Long Battle Between Policyholder, Reinsurer, And Retrocessionaire To Continue As Reinsurer Files Notice Of Appeal
11 May 2018
Carlton Fields
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A Brazilian mining and steelmaking company (Companhia
Siderurgica Nacional, S.A. ("CSN")), a Brazilian
insurance company (IRB Brazil Resseguros, S.A. ("IRB")),
and an American insurance company (National Indemnity Company
("NICO")) have been locked in battle for a decade over
liability stemming from a $167 million loss suffered by CSN. We
have previously written about this litigation
here.
On January 23rd, the Southern District of New York ordered IRB to pay NICO $5 million pursuant to an
arbitration award. On February 22, 2018 IRB appealed this order to the Second Circuit.
On March 26th a $5.55 million supersedeas bond was filed
with the court on behalf of IRB to stay execution of the order
pending the outcome of the appeal. National Indemnity Co. v.
IRB Brazil Resseguros, S.A., No. 15-CV-3975 (USDC S.D.N.Y.
Feb. 22, 2018 & March 26, 2018).
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about your specific circumstances.
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