PXRE outlook bleak as 65% of business lost
Reporting 1st-quarter results, Jeffrey Radke, president & CEO of troubled Bermudian reinsurer PXRE was unable to report any progress on the company’s search for strategic alternatives after February's dramatic increase in reserves for Katrina, Rita and Wilma (KRW) losses triggered the loss of it’s all-important ‘A’ rating and a flurry of downgrade-clause contract cancellations.
The results were solid but painted a rather unrepresentative picture since they failed to fully reflect the cancellation or non-renewal of 65% of the company’s current book of business. However, the
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