Universal Life Seeks Confirmation of $524 Million Interim Arbitration Award

NEW YORK — A Puerto Rican insurer has asked a New York federal court to conform an interim arbitration award requiring a reinsurer to deposit more than $524 million in a segregated account to be used as security for the reinsurer’s liabilities.

In a June 4 motion filed in the U.S. District Court for the Southern District of New York, Universal Life Insurance Co. (ULICO) says the panel has the authority under the reinsurance agreement and AAA rules to award pre-hearing relief and is authorized by law to award pre-hearing security.

PB Life and Annuity Company Ltd. (PBLA), a reinsurer …