PXRE Notes Court Affirmation of $9.8 Million Judgment Against Terra Nova
Bermuda-based PXRE Group Ltd., a provider of reinsurance products and services to a worldwide marketplace, announced that the United States Court of Appeals for the Third Circuit affirmed a $9.8 million judgment awarded in June 2002 after a jury trial of its dispute against Terra Nova Insurance Company Limited.
The dispute concerned PXRE’s claims under two insurance policies that had reportedly been issued by an agent of Terra Nova. PXRE had previously recorded this amount as a receivable and as a result, the decision will not have an earnings impact.
PXRE was represented in the dispute by the law firm of Frankel & Abrams.
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