Bermudian Reinsurer Withdraws Appeal of $524 Million Security Ruling

NEW YORK — A Bermudian reinsurer in the midst of bankruptcy proceedings has withdrawn its appeal of an order requiring it to deposit more than $524 million to secure its liabilities under a reinsurance agreement issued to a Puerto Rican insurer.

According to a Nov. 5 filing in the 2nd Circuit U.S. Court of Appeals, PB Life and Annuity Company Ltd. and Universal Life Insurance Co. have agreed to withdraw the appeal.

PBLA, a reinsurer domiciled in Bermuda, entered into a Coinsurance Reinsurance Agreement with ULICO, a Puerto Rican insurer, on June 30, 2017. Under the agreement, PBLA agreed …