PXRe turns in $33.9m loss

Losses from the terrorist attacks in the US on 11 September contributed to the Bermudian reinsurer PX...

Losses from the terrorist attacks in the US on 11 September contributed to the Bermudian reinsurer PXRe making a $33.9m loss in the third quarter 2001, compared with a $3.4m profit a year before.
The company said that it incurred net losses and loss expenses of $27.2m from the terrorist events, with gross losses totalling $180.7m.
PXRe also suffered a $4.7m loss in the third quarter from the attack by Tamil guerrillas in July on SriLankan Airlines aircraft.
For the first nine months of 2001, PXRe's net losses and loss expenses were 9% higher than a year before, at $121.8m. Last year's nine-month figure included $52m of loss development from the Lothar and Martin storms in France and other events in 1999.
PXRe's GAAP combined ratio in the third quarter was 369.6%, compared with 88.1% a year before. Excluding 11 September losses, the third quarter 2001 combined ratio would have been 106.7%, said PXRe.
The third quarter net written premiums fell to $19.1m from $36.5m a year before because of reinstatement premiums and additional premiums. The company said that, ignoring the 11 September events and the winding down of its London operations, it saw growth in the third quarter in all its business segments.
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