Bermuda Reinsurer Says Dispute Over Trust Account Funds Not Arbitrable
March 25, 2020
NEW YORK — A Bermuda-based reinsurer has asked a New York federal court to rule that a dispute involving a reinsurance trust agreement is not arbitrable and must be adjudicated in court.
In a March 16 complaint filed in the U.S. District Court for the Southern District of New York, the reinsurer says the arbitration provision in the parties’ reinsurance agreement does not apply.
PB Life and Annuity Co. Ltd. (PBLA), a reinsurer domiciled in Bermuda, entered into a Coinsurance Reinsurance Agreement with Universal Life Insurance Co. (ULICO), a Puerto Rican insurer, on June 30, 2017. Under the agreement, PBLA …