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.
Was this article valuable?
Here are more articles you may enjoy.
It’s Beginning to Look Like Another Record for Holiday Travel 
Baltic Sea Countries to Check Insurance on Tankers Moving Russian Oil 
Uber Warns NYC Response to Insolvent Insurer Exposes Drivers 
Here’s a Look at the $100 Billion in Disaster Relief in the Government Spending Bill 
Want to stay up to date?
Get the latest insurance news
sent straight to your inbox.