$37 m award rewards fraud by General Electric captive, claims reinsurer

A United States reinsurer on the wrong end of a recent $37 million arbitration award claims that General Electric’s Bermuda-based captive, EMLICO Ltd., is being rewarded for committing fraud.OneBeacon America Insurance Company, formerly known as Commercial Union Insurance Company, of Massachusetts, is seeking to overturn the June 19, 2003 arbitration ruling.