Judge Confirms Insurer's $524M Arbitration Award Against Bermuda Reinsurer

Mealey's (August 3, 2020, 11:25 AM EDT) -- NEW YORK — A federal judge in New York on July 30 confirmed a $524,009,051.26 arbitration award issued in favor of a Puerto Rico life insurer against a Bermuda reinsurer in their dispute over alleged improper asset divestments for a reinsurance trust (PB Life and Annuity Co. Ltd. v. Universal Life Insurance Co., No. 20-2284, S.D. N.Y., 2020 U.S. Dist. LEXIS 135540)....