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Inside Bermuda has
reported that a US-based insurer OneBeacon America Insurance
Company, on the wrong end of a recent $37 million arbitration award,
is claiming that General Electric’s Bermuda-based captive, EMLICO
Ltd., is being rewarded for committing fraud.
OneBeacon, which was formerly known as
Commercial Union Insurance Company, of Massachusetts, is seeking to
overturn a June 19, 2003 arbitration ruling with a petition filed in
September.
Inside Bermuda reported that Commercial Union is seeking
for the court to vacate the ruling at the US District Court for the
Southern District of New York, which has yet to issue a judgment. |
