Insurance vs. Reinsurance: 50/50%
Treaty vs. Facultative Reinsurance: 50/50%
Former Insurance or Reinsurance Company Officer
Ethics Training, as Trainee: 1; May 2009
ARIAS Conference Faculty: 4; Spring 2006, Spring 2009, Fall 2011, Fall 2013
In 1994, Nasri H. Barakat established his practice as a full-time commercial, insurance and reinsurance arbitrator, umpire and mediator. As president of IIRCS, Inc, International Consultants, he continues to provide arbitration and litigation support for complex international disputes, expert testimony, run-off and liquidation services to the insurance and reinsurance industry.
Mr. Barakat has more than 50 years of insurance and reinsurance experience in the U.S., Europe and the Middle East. He has participated as arbitrator, umpire and mediator in a large number of arbitrations involving commercial, insurance and reinsurance disputes.
Mr. Barakat is an ARIAS-US certified arbitrator and umpire. He is also listed on the “Roster of Neutrals” of the American Arbitration Association’s commercial domestic (AAA) and International (ICDR) panels, the USCIB, AIRROC and CPR panels. His extensive exposure to international commercial business includes major industry privatization of several Middle Eastern countries applying for admittance in the World Trade Organization (WTO).
His keen knowledge of the Islamic Sharia Law and abilities to fluently read, speak and write French, Arabic, Spanish and English put him in a unique position to serve on certain international panels.
Prior to founding IIRCS, Inc., Mr. Barakat served as president of National American Insurance Company, vice-president of Chandler Insurance Company Limited (an Offshore Reinsurance Company) and vice-president of Old American Insurance Services, Inc. of Dallas, Texas. He also held executive and other positions with Republic Insurance Company of Dallas, Texas and ITT Hartford.
Mr. Barakat is a non-practicing attorney.
Alternative Dispute Resolution Experience:
Since 1994, developed a practice as a full time domestic and international commercial,
insurance and reinsurance arbitrator. Primary area of expertise includes commercial, insurance
and reinsurance disputes, arbitration and mediation. Served as Chairman in over 45 insurance
and reinsurance disputes. Also served as party appointed co-arbitrator, neutral or sole
arbitrator in over one hundred and fifty arbitrations. These arbitrations varied in size up to
$250 million. They involved issues including, but not limited to: summary judgment, rescission
due to misrepresentations and mishandling of claims, asbestos and environmental liability,
pollution, fraud, life insurance and life reinsurance , individual and group health insurance and
reinsurance, bad faith and extra-contractual obligations, underwriting and claims disputes,
financial risk underwriting, professional liability, directors and officers liability, captive
insurance and reinsurance, builders risks, London Market business, aggregate allocations
disputes, number of occurrences, international shipping, Crop and flood insurance, attorney
fees disputes, public relations, workers compensation, product liability, general liability, long
haul trucking, surplus lines and other general commerce, commercial property and casualty
Was also involved in other international business areas including, but not limited to: estate
management, banking, family and business trusts, real estate holdings, litigation support and
management to public relations and asset recovery and collections. During this period, worked
diligently with international law firms, bankers, real estate agents, notaries public and estate
administrators. Successfully assisted clients in the recovery, collections, liquidation of these
assets and their distribution to the rightful owners. This work involved several continents and a
large number of countries and jurisdictions.