Clarendon Owes $4M In Reinsurance Dispute: Judge

Law360, New York (January 17, 2012, 7:24 PM EST) -- A New York federal judge on Friday ordered Clarendon National Insurance Co. to pay $4.1 million to Trustmark Insurance Co. to resolve the parties' dispute over how a previous arbitration award should be allocated under their reinsurance contracts.

In granting Trustmark's cross-motion for summary judgment while denying Clarendon's motion for summary judgment, U.S. District Judge Barbara S. Jones ruled that Clarendon had not fulfilled its obligation to pay the $7.9 million arbitration award Trustmark won in 2009.

However, Clarendon did not owe the full balance of...
To view the full article, register now.