N.Y. Judge Denies Motions for Summary Judgment in PXRE Stock Purchase Dispute

NEW YORK — A New York judge has denied cross-motions for summary judgment in a case in which WT Holdings Inc. seeks $13.1 million in damages from Argonaut Group Inc. for alleged misrepresentations made by its former reinsurer subsidiary in a 2007 stock purchase agreement. WT Holdings Inc. v. Argonaut Group Inc., No. 600925/2009 (N.Y. Sup. Ct., N.Y. Cty.).

On July 10, Judge Bernard J. Fried of the New York County Supreme Court found issues of fact as to whether PXRE Reinsurance Co.’s reserving practices had conformed to industry standards and whether WT suffered any loss caused by PXRE’s alleged …