Trier Holding BV - Netherlands Insurance Holdings Inc - NIH Capital LLC v Conservatrix NV - Gerechtshof Den Haag Zaaknummer 200-277-991 - Dutch - 29 March 2022
Country
Year
2022
Summary
Vordering vernietiging arbitraal vonnis afgewezen. Nederlands Arbitrage Instituut.
...
Therefore, the arbitral tribunal, with reference to article 36(1) of the NAI Rules 2015, in accordance with the rules of law, decides as follows:
a) Orders Trier Holding [...] to replenish the shortfall in the solvency capital ratio of [...] "Conservatrix"N.V. to 135% with core equity contributions, within 60 days after the award, and thereafter to maintain a minimum solvency capital ratio of 135% in accordance with the Recapitalization Commitment;
b) Orders Mr. [...] [appellant 1] , Netherlands Insurance Holdings, Inc. and NIH Capital, LLC, jointly and severally, to procure that Trier Holding [...] will replenish the shortfall in the solvency capital ratio of [...] "Conservatrix" N.V. to a solvency capital ratio of 135% with core equity contributions, within 60 days after the award and thereafter to procure that Trier Holding [...] maintains a minimum solvency capital ratio of [...] "Conservatrix" N.V. of 135% in accordance with the Recapitalization Commitment;
c) Orders Mr. [...] [appellant 1] , Netherlands Insurance Holdings, Inc. and NIH Capital, LLC, to pay [...] "Conservatrix" N.V. an immediately payable penalty (in Dutch: dwangsom) of one hundred fifty million euros (€ 150M) (in total) if the obligations under sub b) of these rulings are not timely complied with in whole or in part;
[...]'
Netherlands Arbitration Institute, NAI