Pennsylvania Federal Judge Confirms Final Arbitration Award Against Reinsurers

Pennsylvania Federal Judge Confirms Final Arbitration Award Against Reinsurers

PHILADELPHIA - Granting a motion to confirm an arbitration award in favor of the assignee of certain reinsurance assets, a federal judge in Pennsylvania on June 12 denied the motion based on sovereign immunity as it related to a Brazilian state-owned financial institution (Aurum Asset Managers, LLC, as assignee of the reinsurance asset of Evergreen National Indemnity as successor-in-interest to Summit Fidelity & Surety Company v. Banco Do Estado Do Rio Grande Do Sul, as successor-in-interest to Companhia Uni[#227]o De Seguros Gerais, No. 08-mc-00102, E.D. Pa.).

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