PB Life’s Reconsideration Motion Denied in $585 Million Reinsurance Case

NEW YORK — A North Carolina federal judge has refused to reconsider 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 PB Life’s owner must pay a cedent more than $585 million.

On Feb. 21, Judge Loretta C. Biggs of the U.S. District Court for the Middle District of North Carolina agreed with a magistrate judge that 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 entered into …