On August 20, 2025, the United States Court of Appeals for the Third Circuit reinstated a class action asserting claims under the Securities Exchange Act of 1934 against a reinsurance company and certain of its executives. In re Maiden Holdings, Ltd. Sec. Litig. , —F.4th—, 2025 WL 2406864 (3d Cir. 2025). Plaintiffs alleged the company made misrepresentations in connection with its disclosures regarding loss reserves. The Third Circuit vacated the district court’s grant of summary judgment in defendants’ favor, holding that there were genuine issues of material fact related to the company’s loss reserve calculations and that additional discovery was necessary.

Plaintiffs’ allegations centered on how the company determined estimated “loss ratios” in calculating loss reserves. These ratios

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