Appeal Involving $524 Million Award Stayed Pending Reinsurer’s Bankruptcy Proceedings

NEW YORK — A Bermudian reinsurer’s appeal of an order requiring it to deposit more than $524 million to secure its liabilities under a reinsurance agreement has been stayed pending its bankruptcy proceedings in New York federal court.

On Dec. 7, the 2nd Circuit U.S. Court of Appeal cited a recent temporary restraining order issued in the In re PB Life and Annuity Co. Ltd. bankruptcy proceeding pending in the U.S. Bankruptcy Court for the Southern District of New York.

The order prohibits the commencement or continuance of any actions against PBLA and bars any attempts to enforce arbitration …