Lloyd's Loses Stage In $900 Million Arbitration
NU Online News Service, Jan. 26, 9 :05 a.m. EST?The Lloyd's market said it has lost part of an arbitration in a ?480 million claims dispute ($903 million at current exchange rates) with six companies that provided reinsurance for the fund which pays claims on bankrupt syndicates.[@@]
Lloyd's said that on Friday an arbitration panel had found that Swiss Re was entitled to void its policy, which accounted for 32.5 percent of the protection for the New Central Fund. A spokesperson stressed that the decision is not final.
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