STORY FROM: Reinsurance & Arbitration
Insurer Moves to Compel Arbitration of Trust Agreement Dispute with Universal Life
April 26, 2020
NEW YORK — A Puerto Rican insurer has asked a New York federal court to compel arbitration of its dispute with a Bermuda-based reinsurer, arguing that the parties’ reinsurance agreement requires arbitration of “all disputes” relating to the agreement.
In an April 21 motion filed in the U.S. District Court for the Southern District of New York, PB Life and Annuity Company Ltd. (PBLA) argues that the arbitration clause encompasses the parties’ disagreement as to whether Universal Life Insurance Co. (ULICO) breached a related reinsurance trust agreement.
PBLA, a reinsurer domiciled in Bermuda, entered into a Coinsurance Reinsurance Agreement with ...
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