Tawa, Argonaut Find No Quick End To Suit Over $114M Sale

Law360, New York (July 16, 2012, 10:51 PM EDT) -- A New York state judge on Monday rejected competing bids to end a suit between British reinsurer Tawa PLC and insurer Argonaut Group Inc. over whether the latter properly disclosed the extent of a subsidiary's 9/11 liabilities prior to its $114 million sale.

Tawa subsidiary WT Holdings Inc. acquired the Argonaut subsidiary, PXRE Corp., in a $114 million stock purchase deal in 2007. PXRE had been reinsurer for eight contracts covering the planes involved in the Sept. 11, 2001, attacks on the World Trade Center....
To view the full article, register now.