The Bermuda-based PXRE Group Ltd. announced that the United States Court of Appeals for the Third Circuit has 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 been issued by an agent of Terra Nova,” said the bulletin.
It added that “PXRE had previously recorded this amount as a receivable and as a result, the decision will not have an earnings impact.”
Was this article valuable?
Here are more articles you may enjoy.
Experian Launches Insurance Marketplace App on ChatGPT 
CFC Owners Said to Tap Banks for Sale, IPO of £5 Billion Insurer 
US Supreme Court Rejects Trump’s Global Tariffs 
Munich Re Unit to Cut 1,000 Positions as AI Takes Over Jobs 
