N.C. Federal Magistrate Judge Recommends Denial of Reconsideration Motion in $524 Million Reinsurance Case

NEW YORK — A North Carolina federal magistrate judge has recommended denial of a motion for reconsideration of a ruling that assets in a trust account do not satisfy reinsurer PB Life and Annuity Company Ltd. (PBLA)’s obligations under a reinsurance agreement and that the insurer’s owner must pay the cedent more than $524 million.

On Dec. 16, Magistrate Judge Joi E. Peake of the U.S. District Court for the Middle District of North Carolina found defendant Greg Lindberg presented no new evidence warranting reconsideration of the court’s award of summary judgment to Universal Life Insurance Co. (ULICO).

Bermudian-based PBLA …