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.
Jury Awards 78-Year-Old Victim $56 Million for Crash Caused by Amazon Delivery Driver 
Berry Producer Driscoll’s Sued Over Alleged Greenwashing, Use of Forever Chemicals 
Allstate’s $1.7M RICO Claims Fraud Suit Merits Trial, Not Arbitration: NJ High Court 
Insurer Interest in AI Exclusions Growing as Risk Becomes Omnipresent 
