2nd Circ. Blocks Arrowood From Recovering $6.7M

Law360, New York (October 8, 2010, 6:24 PM EDT) -- A federal appeals court on Friday affirmed an earlier judgment denying Arrowood Indemnity Co.'s attempt to recover about $6.7 million it claimed was owed to it under a liability reinsurance agreement with Swiss Reinsurance Co.'s Westport Insurance Corp.

The parties agreed that an Arrowood unit had reinsurance coverage for losses occurring from December 1999 to December 2000. But the periods beyond December 2000 were not covered by the reinsurance agreement's “follow-the-fortunes” provision because they fell outside its time limitations, according to a three-judge panel of the...
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