Tawa Says Argonaut Withheld Info In $114M Unit Sale

Law360, New York (January 10, 2012, 8:17 PM EST) -- An attorney for a subsidiary of British reinsurer Tawa PLC told a New York state judge Tuesday that insurer Argonaut Group Inc. didn't disclose the extent of its subsidiary PXRE Corp.'s 9/11 liabilities when Tawa bought it for $114 million in 2007.

At the time that Tawa subsidiary WT Holdings Inc. bought PXRE, it was in "run off" — that is, it was no longer writing any new business and instead was focused on administering existing policies.

Tawa later asserted that PXRE had recorded its liabilities...
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