$150M Hurricane Insurance Fight Must Be Arbitrated, Cos. Say
Law360 (April 10, 2019, 6:28 PM EDT) -- A group of U.K. reinsurers wants to force arbitration of a Puerto Rican insurance company's $150 million suit accusing them of causing "irreparable harm" to Puerto Rico's insurance industry by colluding to delay payment of claims that arose after Hurricanes Irma and Maria battered the island.
The reinsurers told a Puerto Rico federal court on Tuesday that Integrand Assurance Co.'s lawsuit, which accuses them of antitrust violations and breach of contract for their alleged refusal to honor $50 million in claims arising from the 2017 hurricanes, falls under a valid and enforceable arbitration clause in the parties' agreements.
The reinsurers argued...
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