WT Holdings, Argonaut File Joint Stipulation of Facts in PXRE Stock Purchase Dispute

NEW YORK — WT Holdings Inc. and Argonaut Group Inc. have filed a joint stipulation of undisputed facts in a case in which WT seeks $13.1 million from Argonaut for alleged misrepresentations made by its former reinsurer subsidiary in a 2007 stock purchase agreement.

According to the Oct. 26 filing, the subsidiary, PXRE Reinsurance Co., had more than $12 million in case reserves at the time of the acquisition and has received and paid claims totaling approximately $9.66 million.

In 2001, PXRE issued eight reinsurance contracts to four Lloyd’s of London syndicates. Those contracts covered the loss of the airplanes …