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Court Confirms Arbitration Award In Reinsurance Dispute Involving Quota Share Retrocessional Agreement

A court confirmed a final arbitration award in favor of Continental Insurance Company (as successor by merger to Continental Reinsurance Corporation) and against AXA Versicherung AG. Continental Re was a reinsurer of Continental Insurance. AXA, in turn, provided retrocessional reinsurance to Continental Re through a quota share retrocessional agreement. Several years into the agreement, AXA announced that it would no longer make retrocessional payments to Continental Insurance, reasoning that a Loss Portfolio Transfer Reinsurance Agreement (the “LPT Agreement”), which Continental Insurance had recently entered into with a third party, absolved AXA of its responsibility to continue making retrocessional payments. Continental Insurance objected, and the parties went to arbitration. At arbitration, the panel awarded Continental Insurance damages in the amount of $337,034 plus interest. Continental Insurance brought an action to confirm the award, which AXA did not oppose. The court confirmed the award, finding that Continental Insurance met the statutory requirements for confirmation under the Federal Arbitration Act. Continental Ins. Co. v. AXA Versicherung AG, Case No. 1:18-CV-07349-VEC (USDC S.D.N.Y. Jan. 2, 2019).

©2011-2022 Carlton Fields, P.A. National Law Review, Volume IX, Number 37
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About this Author

Gail Jankowski, Carlton Fields, Litigation lawyer
Associate

Gail Jankowski’s practice focuses on complex civil litigation and regulatory matters in the insurance and financial services industries in federal and state courts and in arbitration and mediation proceedings.  She has experience with matters involving breach of contract, unfair competition and deceptive trade practices, employment classification, consumer financial protection laws, and cybersecurity and privacy.

Prior to joining the firm, Gail worked as a judicial intern for the Circuit Court of Cook County, Illinois and for the U.S. Department...

202.965.8115
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