PXRE Wins $8.25 Million Judgment Against Terra Nova

June 12, 2002

Bermuda’s PXRE Group Ltd. announced that its subsidiary, PXRE Corporation, has been awarded $8.25 million plus interest by a jury at the conclusion of the trial of its dispute against Terra Nova Insurance Company Limited.

The dispute, which was heard before the U.S. District Court for the District of New Jersey, concerned PXRE’s claims under two insurance policies that had been issued by an agent of Terra Nova. The company gave no further details concerning the specific nature of the litigation.

PXRE stated that it had “previously included the aggregate sum of $8.25 million in Other Assets as a receivable.”|”pxre, wins, $8.25, million, judgment, against, terra, nova

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