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....
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