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News Focus - Tower Group ends PXRE contracts.
(From Reinsurance)
Tower Group has announced that it has concluded, through commutation agreements, PXRE'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 - totalling $31.5m of unsecured recoverables - were settled with a payment from PXRE of $26.7m, which represents an estimate of the present value of these recoverables. This resulted in a non-recurring $4.8m pre-tax charge to be recognised in the second quarter of 2006.
In addition, on the same date, novation agreements were executed with PXRE relating to other reinsurance agreements covering business written in 2001, 2002 and 2003 by other insurance companies managed on their behalf by Tower Risk Management Corporation, Tower Group's risk-management subsidiary. As a result of the novations, Tower assumed liabilities of $12m, for which it received as consideration $11.4m in cash and other assets. ...
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