2nd Circuit Stays Appeal In Insurer, Reinsurer’s $524M Arbitration Award Dispute

Mealey's (December 10, 2020, 1:38 PM EST) -- NEW YORK — Citing a recent temporary restraining order in a Bermuda reinsurer’s bankruptcy proceeding, the Second Circuit U.S. Court of Appeals on Dec. 7 stayed the reinsurer’s appeal with regard to confirmation of a $524,009,051.26 arbitration award issued in favor of a Puerto Rico life insurer in a dispute over the alleged improper asset divestments for a reinsurance trust (PB Life and Annuity Co. Ltd. v. Universal Life Insurance Company, No. 20-3122, 2nd Cir.)....