Federal Judge Dismisses Securities Action Against PXRE

NEW YORK - A New York federal judge has dismissed a securities lawsuit against a Bermudian reinsurer, finding that the plaintiff failed to adequately allege that the company and its officers intentionally understated losses arising from three 2005 hurricanes. In re PXRE Group Ltd. Securities Litigation, No. 06-3410 (S.D. N.Y.).

In a March 4 order, U.S. District Judge Richard J. Sullivan of the U.S. District Court for the Southern District of New York ruled that the allegations did not meet the level of specificity required by Section 10(b) of the Securities Exchange Act of 1934.

Chad S. Condra brought a …