Tower Group enters novation agreements with PXRE
Tower Group has announced that it has concluded, through commutation agreements, PXRE Reinsurance Company's participation under various reinsurance agreements with Tower Insurance Company of New York covering the 2001, 2002 and a portion of the 2003 policy periods.
Ceded loss and loss adjustment expense reserve liabilities of $20.5m, ceded paid losses of $2.4m and ceding commission revenue of $8.6m, totaling $31.5m of unsecured recoverables were settled with a
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