PXRE Says Court Affirms $9.8 Million Judgment Against Terra Nova

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.”