PXRE “exploring alternatives” as crucial 'A' rating lost
The future of PXRE looked increasingly in doubt as the catastrophe reinsurance specialist unveiled massive increases in hurricane losses, saw its financial strength rating downgraded to B++ from A- by AM Best, and said it is exploring “strategic alternatives” and has hired Lazard as a financial advisor to assist it in this process.
PXRE announced that it will be increasing its estimates of the net pre-tax impact of Hurricanes Katrina, Rita and Wilma by an amount between $281m to $311m for the year ended December 31, 2005
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